Decentraland’s MANA Token Surges to Highest Level in Two Months as Bullish Trend Strengthens
The native cryptocurrency of Decentraland, MANA, has experienced a significant price increase, reaching its highest valuation in the past 60 days. This upward movement aligns with broader positive momentum in the digital asset market, indicating growing investor confidence in the metaverse platform’s ecosystem. Technical analysis suggests the token may be entering a new phase of accumulation, with key resistance levels being tested. Market participants are closely monitoring trading volume and on-chain metrics for confirmation of sustained bullish activity.
MANA Price Rally Supported By Demand
An assessment of the MANA/USD one-day chart reveals a steady uptick in the token’s on-balance volume (OBV), reflecting the rise in its demand. This momentum indicator is at 9.47 billion at press time, its highest level since December 2024.
The OBV indicator measures an asset’s buying and selling pressure. It adds volume on up days and subtracts it on down days. This dynamic helps traders determine whether volume supports the price trend at any given moment.
As observed with MANA, an asset’s OBV rising alongside its price signals strong buying interest. This effectively confirms the sustainability of a bullish move. The trend signals that traders’ demand backs the token’s double-digit price rally over the past day.
Moreover, MANA trades above its 20-day exponential moving average (EMA), supporting this bullish outlook. At press time, this key moving average forms a dynamic support level below MANA’s price at $0.26.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. When it falls below the price, it suggests that the market is in a short-term uptrend, with recent prices higher than the average of the past 20 days.
This indicates strong bullish momentum, as MANA’s price currently outperforms the recent average.
MANA Bulls Maintain Control
On the daily chart, MANA was trading above an ascending trend line, accentuating its price surge. This bullish pattern acts as support and emerges when an asset’s price forms higher lows.
It indicates a consistent upward movement over time amid growing buyer momentum.
This technical formation suggests MANA buyers are in control, signifying bullish market sentiment. If this outlook sustains, MANA price growth will likely continue, with the trendline providing downward support.
Such an action could see the token’s price break above $0.34, potentially climbing toward $0.44. Such a move would constitute a 41% move above current levels.
Converesly, if profit-taking commences, MANA could shed its recent gains and plunge to $0.19, down nearly 40% below current levels.
