Decentraland’s (MANA/USD) defies gravity to jump 20% but will buyers be relentless?

  • Decentraland’s MANA jumped over 20% in a week

  • Most of the profits came when the Metaverse platform announced an opencross competition.

  • MANA’s Long-Term Recovery Continues to Tie in Crypto Sentiment

in Decentraland (MANA/USD) was up 12% over the weekend, with a weekly gain of over 20%. After a prolonged bear market that saw the cryptocurrency claim its lowest price of 2022 on Dec. 31, the gains came as a surprise.

Investors investing in Decentraland’s MANA will be pleased at the latest. cryptocurrency news In the silence of the metaverse. On January 6th, Decentraland announced the launch of the first ever Metaverse Biennale of Architecture and Design. It is a cross-cross competition in the metaverse and includes performances, events, public talks and talks. The event is expected to accommodate over 50,000 visitors over the five days. The event is expected to attract opinion leaders, creators and partners to share their ideas about the Metaverse.

The latest development comes at a time when activity building in the metaverse continues to languish in the crypto winter. Due to the low activity, MANA has a very low valuation, with cryptocurrency he is trading at $0.355 at the time of this writing. This compares to highs near $6 during the height of the metaverse and cryptocurrency boom in November 2021.

Outlook and Analysis of Recovering MANA Prices

MANA/USD chart by TradingView

From the technical outlook, the RSI has shifted past the midpoint, suggesting the entry of MANA buyers. The MACD indicator highlights the improved momentum. The MACD line has risen above the signal line, reinforcing our bullish outlook. However, the indicator is still below the neutral zone, highlighting the lingering bear market. Despite the recovery, MANA price also remains below the downtrend line.

What could happen next?

Improving momentum should allow investors to continue riding MANA’s short-term rally. However, the outlook is bearish and MANA may correct if price hits the downtrend line.If buy mana Now watch out for levels near $0.4 where the price crosses the downtrend line.

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