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Decentraland (MANA) Coin just did 318%. Why?

The native token of the blockchain based game Decentraland is MANA that is used throughout the platform. At the time of writing MANA is being traded at the price of $3.32. The price has increased by almost 0.67% in the past 24 hours. MANA is listed on coinmarketcap on the 36th spot and has a market dominance of about 0.22%. The past month has been extremely bullish for the price. In October alone we have seen an increase of about 318.72% in the price of MANA. Before the previous month’s closure, we saw that the first three weeks of October were dull and the price showed no movement. But after the announcement of Meta, the metaverse project started pumping and as a result, there was a huge surge in the price of MANA.

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Technical Analysis (MANA) 

After the announcement of Meta, metaverse coins have been pumping hard. As a result, MANA had went crazy and went to the price of $4.9455. Ultimately the price wasn’t able to sustain itself and had to call it quits for the time being. It can be expected that after such as impulsive move (it can be seen on the chart. Previous days literally look nonexistent at this point.) the price would breathe now. Now it depends on how the price reacts from here. If it wants to go further it should create nice support from where it can possibly bounce back. If it fails to create support here we can expect a fall quite lower.

Long Term Investment

After the announcement of Meta we can expect that the Metaverse has a bright future and whoever takes the lead is going to bring the change in the market. We know that Decentraland is one of the most popular metaverse projects hence the future is very bright. According to wallet investors, MANA is expected to reach a price of about $7.101 in five years. But the general sentiment around MANA is very bullish so investors are expecting the price to reach a much higher value.

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