Decentraland Price Analysis: How High Can MANA Go?

Summary:
• The Decentraland price is holding steady on Monday as metaverse continues rising. MANA has jumped by more than 8.7% in the past 24 hours.

The Decentraland price is holding steady on Monday as metaverse continues rising. MANA has jumped by more than 8.7% in the past 24 hours. Other coins like The Sandbox, Gala, and Enjin Coin have seen their prices rise by more than 10% in the past 24 hours. Notably, Decentraland has been passed by Sandbox in terms of market cap.

Decentraland is a blockchain project that incorporates concepts about the metaverse, non-fungible tokens (NFT), and gaming. The core platform enables people to buy and build property in a virtual universe. Just two weeks ago, a fashion company decided to buy a plot of land for about $2.4 million. 

Other plots are going for hundreds of dollars. This growth of the ecosystem has helped to push the MANA price to an all-time high while its market cap has risen to more than $6.7 billion. So, what next for the Decentraland price?

Decentraland price forecast

The four-hour chart shows that the MANA price has bounced back in the past few days. It has managed to rise by about 16% from its lowest level in November. This price is also slightly above the ascending trendline that is shown in red.

It has also moved slightly above the key resistance level at $4.9600, which was the highest level since October 30th. It is also above the 25-day and 50-day moving averages and is approaching the all-time high of $5.910. Therefore, the coin will likely keep rising as bulls target the all-time high. However, I feel that the strong rally is about to fade.