MANA has seen an increase in relative strength, which is indicative of increased buying activity.
- New developments, partnerships in Decentraland contribute to price spike
- Decentraland social mentions amplified by 89.07%
- MANA price up by 1.04%
Decentraland (MANA) has many exciting developments, such as the partnership between StadioPlus and LaLiga, an international football league.
LaLiga will now be able to offer themed plots in virtual land that are starring in Vegas City. This city happens to have the largest entertainment, gaming, and sports area of Decentraland.
As such, it is possible for bullish to reverse, off-shooting 0.84 barriers and reaching the $1.26 mark.
Based on CoinMarketCapMANA has risen by 0.15 percent or is trading at $0.7431, as of the writing.
Sideways Rally: MANA/USDT pair
Over the last 4 months, MANA/USDT has shown sideways motion. The $1.15 resistance, which is a strong support for bullish activity, has been resisted. The $0.756- $0.74 support levels indicate active bullish activity.
Following the retracement that occurred in the second half of August plus the massive sell-off in light of the flush of high CPI data, Decentraland’s price has diminished to the key support of $0.71. MANA, on the other hand, has repeatedly tested the support level, which has led to a recovery.
This is the point where buyers are able to revive prices and launch a bull run towards $0.756. This rally must be validated by the buyer securing the supply of $0.84.
However, any breach below $0.71 could indicate a downtrend that may lead MANA to lose its $0.71 support.
Downcentralization Social Metrics
After its LaLiga development announcements, Decentraland is generating huge social engagement. Stephen Ibbotson, Head of Franchises and Licensing CEP said, “This licensing agreement will allow us to reach a new and significant audience, like that of Decentraland.”
The news has dramatically improved the numbers of Decentraland’s NFT. Decentraland’s social mentions increased by 89.07%. The social engagement rate has increased by 30%. More so, Decentraland’s NFT prices have also spiked to 1.66 ETH showing an increase of 9.42%.
Miles Anthony, Decentraland Games’ CEO and Co-Founder tweeted the huge improvement seen in Decentraland towards the end of the Q4.
“Yesterday, on day 2 of ICE Poker Flex being live, we hit all-time highs of 614 DAU (Daily Active Users) and 593 tournaments played”, Anthony said.
Source: TradingView.com| Source: TradingView.com Featured Image from Binance Academy. Chart: TradingView.com This analysis should not be taken as investment advice.