Decentraland ($MANA) is experiencing extreme volatility today, with its price trading at $0.7202, up 6.01% at the time of writing. With its current price performance, the metaverse token has sustained one of the most impressive price actions over the past seven days as it has maintained a 79.27% growth trend within this time span.
The impressive growth strides of $MANA in the week-to-date period as shown in the charts above typically signify a close push to a short-term price cliff that may fuel an unexpected round of sales.
With this new-found bullish run, investors will need to keep an eye out for a breakout above the $0.8 price level, a point that may spell one of two things: a run toward its 52-week high, or a massive dump from investors that had been HODLing for the past year.
Decentraland has been a major beneficiary of the growing acclaim surrounding the metaverse world, and as a dominant real estate venture in the space, it has gained tremendous traction over the past year. The coin is one of the altcoins that is constantly used as a yardstick to measure the overall outlook in the metaverse world.
Need to remain watchful
As a major rule in the volatile world of crypto, every significant price surge is bound to be accompanied by a corresponding reversal or periods of cooling off. The second major likely event that may arise from the growth in the price of $MANA is that its price will fall back toward the support at $0.5, especially if the market changes course in the near term.
Should the price consolidate in this manner, it will give the coin a much needed breather as bulls will be forced to restrategize, depending on core protocol fundamentals as motivation to inject funds into the coin in the near future.
1
coingape.com
cryptonewsz.com