Decentraland (MANA) price has been on a surge for quite some time after registering a gain of 15% for the past four days. The rise in trading volume implies that traders and investors are overall happy with the increase in prices. With an increase in buying activity, MANA might possibly eclipse the previous month’s coma state.
MANA price currently faces incrementing supply pressure coming from the resistance spotted at $1.1. MANA’s intraday trading volume is at $247.9 Million, showing a loss of 27%.
Chart from TradingView.com
MANA/USDT Shows Upbeat Reversal Pattern
The MANA/USDT daily chart shows the formation of a rounding bottom pattern. Earlier, the chart revealed a bullish reversal pattern that has set off the two stages with a downfall trend from May to June followed by consolidation as the coin rallied.
Technically, MANA was meant to breach the resistance zone of $1.1 and push the coin to hit $1.36. On July 13, MANA’s price bounced back from its bottom support of $0.75 and soared by 44.61% in a month’s time.
With today’s chart showing a price pump of 0.88%, buyers tried to end this with a bull run. But, the daily candlestick that closed hovering above the resistance of $1.1 will need to validate the breakout. The rally may prompt the price of MANA to increase by 26.2% to a resistance of $1.36.
Decentraland (MANA) Targets Next Support Zone
If the bulls can maintain their momentum, MANA might be able to outpace the current ceiling price and target the next support zone spotted at $1.68.
However, if Decentraland’s price revisits the resistance zone of $1.1, and breaks free from the 20-day EMA, then this will validate the return of a consolidation phase. The Bollinger Band indicator shows price jumps showing that a minor is imminent before a breach. But, the midline that provides support should be able to push forward the coin’s recovery.
RSI also shows a rally compared to a price action implying the sustained and increased bullish action. In fact, RSI also indicates that the price may break away from the $1.1 resistance.
Virtual Real Estate Revenue Streams
Decentraland (MANA) is powered by the Ethereum blockchain. This is a platform that allows users to buy and sell virtual real estate. In addition, users can also build, explore, socialize, and monetize virtual lands in this digital environment.
The beta for Decentraland was rolled out in 2019 and has become widely accessible especially to the general public since February 2020. Following the successful beta launch, users were able to explore and develop different activities such as games and other experiential activities.
Currently, a lot of Decentraland users are now generating generous revenue streams from virtual real estate through advertising, leasing, and other activities. You can also resell and produce virtual goods in Decentraland.
MATIC total market cap at $2.07 billion on the daily chart | Source: TradingView.com
Featured image from TheNewsCrypto, Chart from TradingView.com