Decentraland (MANA) has seen remarkable gains this week. MANA is known for dominating the NFT market through virtual lands and properties, and its popularity is increasing day by day.
MANA has gained 16% in the last 24 hours and is trading at $0.717 on major exchanges at the time of this writing.
Figure 1. Decentraland (MANA) price analysis
MANA has made modest gains in the past few days after surpassing $0.50. The rise of the MANA token can be attributed to the ongoing market support and the fact that many cryptocurrencies are currently trading in the green zone. If the uptrend moves towards higher price levels, we could see MANA reach higher highs like $0.80 maybe even $1 in the long run.
While hitting highs is okay for the coin, most short-term investors may be taking steps to earn profits in hopes that prices will rise above the $1.60 price level in May. Therefore, overbought without strong support could result in price correction.
The downtrend for Decentraland could start, especially if the crypto market starts to decline. Therefore, investors who want to avoid losses should also evaluate the performance of other coins.
One of the reasons Decentraland is famous is because it sells virtual land and properties. The most expensive property recently sold in Decentraland was sold for almost $1 million. This sale shows that virtual lands and buildings are becoming very popular.
The crypto community is looking forward to the Ethereum Music Festival, which will be hosted in Decentraland. After the ‘To The Moon’ festival, which will start on July 11, we can see that the interest in MANA has increased.
NFTs are expected to continue to rise in value and MANA is a good investment with Decentraland leading the way.