- Decentraland has rallied since Facebook’s rebranding announcement.
- As the Big Tech giant focuses on virtual reality worlds, investors have turned bullish on MANA and other Metaverse coins.
- Further buying pressure could push the asset toward a new record high of $5.56.
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Decentraland’s MANA token appears to have entered a brief consolidation period as it builds momentum before its next leg up.
MANA Targets Higher Highs
Decentraland’s MANA token is in price discovery mode and appears to be gearing up for further gains.
Several Metaverse-related crypto projects have rallied over the last few days following Facebook’s surprise rebranding announcement. Last Thursday, the Big Tech giant revealed it would be changing its name to “Meta,” turning its focus to virtual reality worlds.
In a presentation video discussing the pivot, Facebook CEO Mark Zuckerberg said:
“We are still the company that designs technology around people. But now we have a new North Star: to help bring the Metaverse to life.”
Zuckerberg also confirmed that Facebook would begin supporting NFTs in the future.
Though many other similar tokens such as SAND and AXS rallied on the news, Decentraland’s MANA token made the biggest jump, surging by more than 640% to reach a new all-time high of $4.70. Now, the asset appears to have entered a brief consolidation period before its next leg up.
MANA’s four-hour chart shows that the token could be forming a bull flag. The 200% rally recorded between Oct. 30 and Oct. 31 created the pattern’s flagpole. Meanwhile, the symmetrical triangle that has been developing since then is creating the pattern’s flag.
A spike in buying pressure that allows MANA to slice through the flag’s upper trendline at $3.30 could signal a potential breakout. In this eventuality, Decentraland’s market value could surge by nearly 67% towards $5.56.
The price target is determined by measuring the flagpole’s height and adding that distance to the breakout point.
It is worth noting that MANA must continue to trade above $2.60 to validate the bullish outlook. If it fails to hold, however, a spike in selling pressure could lead to a steep correction toward $1.55.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
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