“It’s hard not to be bullish about MANA, says analyst
The token is seeing double-digit gains as the market readies for a major move in the metaverse sector.
MANA price is up 34% on the day and over 260% up in the past two weeks
Decentraland (MANA), an Ethereum-powered virtual reality network currently making a buzz due to the increased interest in the metaverse space. MANA has soared more than 34% on the day even as major cryptocurrencies like Bitcoin and Ethereum see fresh declines.
MANA has soared more than 260% in the past two weeks and nearly 350% over the past 30 days. With such growth, the token is likely to witness profit booking and pare some of the weekly gains that have pushed it near $3.45.
Despite this prospect, one crypto analyst says there’s potential for MANA to rip nearly 300% again to record new all-time highs.
“It’s hard not to be bullish on $MANA,” Ali Martinez tweeted on Friday.
The analyst has MANA price action tagging a bull flag pattern with two potential targets in case of an upward breakout. According to the analyst, the key here might be for investors to be patient with the cryptocurrency.
“With all the metaverse talk from #Facebook, #Microsoft, and #Disney to name a few, #Decentraland has a lot of upside potential. But it’s all about patience. Two target that come to mind for #MANA are $4.85 and $15.”
It's hard not to be bullish on $MANA. 👀
— Ali Martinez (@ali_charts) November 12, 2021
The token is currently trading around $3.33 according to data on CoinGecko, with further upsides possible if bulls break above $3.50 and $4.00. The token is likely to remain positive if buyers hold above $3.00, although a breakdown could include a retest of $2.75 and $2.50.
Decentraland’s uptick follows investor interest on the back of a major announcement from Facebook about the Metaverse sector. It also follows last month’s successful Metaverse Festival