Metaverse coin project Decentraland has surged 640% since Facebook announced its rebranding to “Meta” last week. Will this upward trend continue?
- Decentraland has rallied since Facebook’s rebranding announcement.
- As the social media giant focuses on virtual reality worlds, investors have been on the rise in MANA and other metaverse coin projects.
- Further buying pressure could push MANA towards a new record high of $5.56, according to analyst Ali Martinez.
Decentraland’s MANA token appears to have entered a brief period of consolidation as it gains momentum before its next rise.
Analyst: Metaverse coin project Decentraland is targeting these levels!
Decentraland’s MANA token appears to be in price discovery mode and poised for more gains. Following Facebook’s surprise rebranding announcement, several Metaverse-related crypto projects have rallied over the past few days. Last Thursday, the social media giant announced that it would change its name to “Meta”, turning its focus to virtual reality worlds. Facebook CEO Mark Zuckerberg said in a presentation video:
We’re still the company that designs technology around people. But now we have a new North Star: To help bring the Metaverse to life…
Mark Zuckerberg also confirmed that Facebook will start supporting NFTs in the future. While many similar tokens such as SAND and AXS rallied on the news, Decentraland’s MANA token made the biggest jump, reaching an all-time high of $4.70, up more than 640%. Now, Metaverse seems to have entered a short period of consolidation ahead of the next rally.
MANA’s four-hour chart shows it can form a bull flag
According to the analyst, the four-hour chart of MANA shows that the coin could form a bull flag. The 200% rally recorded between October 30 and October 31 formed the flagpole of the model. Meanwhile, it forms the flag of the symmetrical triangle pattern that has evolved since then, according to the analyst. An increase in buying pressure that allows MANA to cross the flag’s upper trendline at $3.30 could signal a potential breakout. In this case, the market price of Decentraland could rise about 67% to $5.56, according to the analyst.
The price target is determined by measuring the height of the flagpole and adding that distance to the breakout point. It is worth noting that MANA must continue to trade above $2.60 to confirm its bullish outlook. However, if the coin fails to hold this level, an increase in selling pressure could lead to a steep correction towards $1.55.
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