The Decentraland price bullish momentum is continuing as investors cheer the growing metaverse industry. MANA, its native token, is trading at $3.1960, which is about 427% above the lowest level in October. It is a few points below its all-time high of $5, bringing its total market capitalization to more than $5.9 billion. It is the 36th biggest cryptocurrency in the world.
Why did MANA price soar?
Decentraland is a blockchain platform that was built using Ethereum’s technology. It is one of the biggest platforms involved in the so-called metaverse industry. Precisely, the token allows members to develop a virtual universe where they can buy and sell digital assets like real estate. Ownership of this land is changed through non-fungible tokens (NFTs).
The strong rebound of the Decentraland price is mostly because of last week’s announcement by Facebook. In a statement, Mark Zuckeberg announced that the company will be known as Meta. Meta will be the holding company for platforms like Facebook, Instagram, and Whatsapp. The company will also be a leading player in the so-called metaverse industry.
Therefore, the MANA price soared since investors believe that Facebook’s rebrand will introduce more people into its network.
Decentraland price prediction
On the daily chart, we see that the MANA price rocketed higher during the weekend. This makes it one of the best performing cryptocurrencies this week. However, the bullish trend seems to have found some resistance. It is, indeed, forming a bullish pennant pattern that is usually a bullish sign. The price is also significantly above the 25-day and 50-day moving averages.
Therefore, this breakout is still unfolding. I believe that the bullish trend will continue in October. If this happens, the next key levels to watch will be $5 and then $10. This view will be invalidated if the price falls below the key support at $1.50.