Decentraland’s (MANA) price has surged more than 10% in the last 24 hours and is now trading close to $0.54. The metaverse token is experiencing an upward trend but is under some sell-side pressure as its price currently sits above $0.50. Recent activities and announcements are likely the reason for the token’s surge.
At the time of writing, Decentraland’s price was near all-time highs, as the spot price of the MANA token rose to $0.54 after gaining more than 10% in the past 24 hours. However, due to some sell-side pressure, the MANA token changed hands around $0.50 at the time of writing.
The upward trend of the token coincided with the general uptrend in the cryptocurrency market, as the Bitcoin price rose from below $26,000 to test resistance near $28,000. Ethereum’s price also held firmly above $1,800, as the broader cryptocurrency market once again showed a positive outlook. XRP was among the trending coins on Wednesday, as it jumped due to the news that Ripple had won another small victory in its battle against the SEC.
Regarding the MANA price, potential buying demand for Decentraland was seen developing last week as the protocol unveiled several upcoming developments. The platform announced a partnership for a gamified store with NFTLabs and revealed that it would be hosting a metaverse party with popular DJ Dillon Francis on May 19.
As for the MANA price, the recent surge indicates that investors may have a new bullish outlook for the metaverse industry. In recent months, the hot story has been about tokens and meme coins with artificial intelligence. However, investors seem unfazed by setbacks surrounding big tech companies’ steps in the metaverse, particularly those of Mark Zuckerberg’s Meta. Nevertheless, the metaverse token space, led by companies like Axie Infinity and The Sandbox, is experiencing a bit of a revival.
If Decentraland continues to see growth, thanks to the release of new features and user engagement, it’s likely that its MANA price could make up most of the losses seen since the crypto winter. However, sellers may keep an eye on recent price support levels if prices fall below $0.50.
On the 4-hour chart, MANA/USD could depend on key support zones at $0.47 and $0.43.
