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Crypto Weekly Roundup: Decentraland MANA Continues Its Rally, $5 The Next Target

Crypto Weekly Roundup: Decentraland MANA Continues Its Rally, $5 The Next Target

MANA CONTINUES ITS RALLY ABOVE $4 MARK

Decentraland's native token MANA (MANA/USDT) was the second strongest performing TOP 100 cryptocurrency in October, only behind Shiba Inu (SHIB/USDT), after its price more than quadrupled due to a wave of hype that originated from Facebook's rebrand to Meta (ticker: MVRS), which was intended 'to reflect the company's growing focus on building the digital universe'. During his presentation Mark Zuckerberg might not have even mentioned the already existing decentralized world(s), but what he definitely did was, he showed the direction in which social media and the Internet as a whole will develop in the not-so-distant future.

As a result, those who had invested their money in MANA token anytime before the Facebook CEO's announcement must have felt like they won a lottery especially considering the circumstances – the coin was actually in a bit of a downtrend since the beginning of September when its value dipped below the $1 mark and stagnated around those levels trading for less than 60c at one point.

MANA started October valued at $0.70 but, as far as the price, couldn't keep up with other altcoins at all for farther four weeks seeing only a modest increase by $0.07 until it all changed on the 28th of October and the Decentraland's token has instantly become one of the hottest-trending assets in crypto, which by the way nearly hit $5 as its new ATH.
This month so far the coin has continued its rally and is once again stealing the attention of most crypto enthusiasts. 18 days into the new month and MANA is another 30% up and showing no signs of slowing down in spite of a mostly unexpected pretty deep correction that has seen the likes of BTC (BTC/USDT) and ETH (ETH/USDT) lose 18% and 16.5% of their ATH market capitalization, respectively.

WHAT'S NEW DECENTRALAND

 On the news front, Decentraland has seen a fair amount of exciting news recently and the most exciting development is the first ever virtual embassy announced to be opened from January by a tiny island nation of Barbados. According to media reports, the virtual institution will aim to perform crucial real-world tasks such as issuing e-visas. If succesfull, we could easily imagine other nations following Barbados' path and that would signify an absolutely huge use case for this new cryptocurrency trend.

Another new and rather revolutionary expansion might take place in Decentraland if a company called Boson Protocol manages to deliver on their ambitious plan to bring to the virtual realm platform digital goods, items, services and experiences as NFTs and make them redeemable for their counterparts in the real world. Regardless if you are a fan of a metaverse as a notion or not so much, you probably have no choice but to admit that buying a jumper or a hat in the form of a NFT token, using it in the game and eventually exchanging it for an identical real piece of clothing, possibilities like that would represent a gigantic step towards making Decentraland a household name, or at least an extremely popular pastime especially among the youngest generations.

The in-game experience could soon be improved even farther when various avatar actions such as shaking hands, facial expressions or bumping into one another etc are finally made possible. Although, in our opinion, the greatest potential improvement that has to be made sooner rather than later, is delivering a mobile app that would allow users to enter the digital world away from their latops and desktops. This could be something that should, and most likely would give MANA a push way above the $5 mark for sure.

TECHNICAL ANALYSIS

Now, the way the Decentraland's token MANA has been increasing in value, we might see it above $5 long before we see the above mentioned improvements implemented. Over the recent seven-day period the coin's price appreciated by whooping 52.6% amid a crypto market correction. Other hot assets this week have been Gala (GALA/USDT) and The Sandbox (SAND/USDT), the latter of which will be covered in-depth on cryptodaily.co.uk as soon as next week. By the way, we've decided to dedicate on day of a week, probably each Thursday, to covering various metaverse projects as this trend definitely looks as if it's here to stay and it should  allow early investors to profit in a spectacular fashion.

The very next crypto cycle could be dominated by such games and applications without a shadow of a doubt. Getting back to the charts, the Decentraland's token has been showing zero signs of slowing down ever since the Meta news broke out on the 28th of Oct. Currently the price is attempting to break out of this ascending triangle as I'm writing these words and by the time you read them, the $4 mark might already be well below the price action. That's obviously a beautiful higher high and if we consider a series of higher lows that MANA set in November, the result cannot be anything other than a very bullish uptrend.

The potential target of this break could easily take the price up and above the psychological $5 value in order to set a new ATH. Around $5 is also where the next real resistance should be and if the coin keeps flying like it has, it could conceivably find itself in its price discovery phase by the end of this week. The RSI on the 4HR-ly is only past 70 at the moment, so no immediate correction is very likely. Lots of room to grow to the upside, just like there is lots of room for the developers to keep improving the overall experience for the Decentraland's players, or should I say investors, entrepreneurs and visitors. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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