- Decentraland (MANA) price rose more than 10% in the past 24 hours to trade near $0.54.
- The metaverse-focused token is flashing bullish but faces some profit taking pressure as price currently hover above $0.50.
- Recent activity and announcements are likely behind the token’s surge.
The price of Decentraland (MANA) traded to highs near $0.54 today after surging more than 10% in the past 24 hours. The price of the metaverse-focused altcoin was changing hands around $0.50 at the time of writing amid some profit taking deals.
Why Decentraland price soared today
The spike in the spot price of the MANA token to its highest level in two weeks came as bulls extended the rally that began around 12 May when MANA/USD sprung from below $0.43.
The token’s upside did coincide with the overall bullish uptick across the crypto market as Bitcoin price rose from below $26,000 to retest resistance near $28k.
Ethereum price also held impressively above $1,800 as the broader crypto market resumed a positive outlook. Among trending coins on Wednesday was XRP, which jumped on news Ripple had scored another bit of victory in its battle with the SEC.
As for MANA price, the potential buy Decentraland demand over the past week came as the protocol revealed several upcoming developments. For instance, the platform announced a partnership for a gamified store with NFTLabs, and indicated it would host a metaverse party with popular DJ Dillion Francis on 19 May.
It’s almost party time 🎂🪅
May 19th 👀@DillonFrancis @VegasCityDCL https://t.co/Oum7rO1GRe pic.twitter.com/8L8PZDcTrp
— Decentraland (@decentraland) May 16, 2023
MANA/USD: What next for Decentraland price?
In terms of MANA price, the latest uptick suggests that investors could be taking on a new bullish outlook for the metaverse industry. The past few months have all been about the hot narrative of artificial intelligence powered tokens and meme coins.
However, investors are seemingly unfazed by the setbacks around major tech company steps in the metaverse – particularly that of Mark Zuckerberg’s Meta. Despite this, the metaverse token space, led by the likes of Axie Infinity and The Sandbox, is showing some resurgence.
If Decentraland continues to see growth amid the release of new features and user engagement, it’s likely its MANA price could claw back most of the losses seen since the crypto winter. The immediate price action might however see sellers eye prices’ recent support levels if prices break below $0.50.
On the 4-hour chart, MANA/USD might rely on the key support zones at $0.47 and $0.43.