Here is why MANA is up by more than 12% today
MANA, the native token of the Decentraland ecosystem, is one of the best performers amongst the top 50 cryptocurrencies.
The cryptocurrency market has been performing excellently since the start of the week. The total crypto market cap has increased by more than $200 billion over the past two days and currently stands around $1.9 trillion.
Bitcoin is looking set to cross the $45k resistance level following its recent rally. MANA, the native token of the Decentraland ecosystem, has added more than 12% to its value so far today.
MANA is one of the top performers amongst the top 30 cryptocurrencies by market cap. The token has been rallying since JPMorgan announced that it would be the first major bank to set up a base in the metaverse.
JPMorgan said it would open a lounge in Decentraland. Christine Moy, JPMorgan's head of crypto and the metaverse, said the bank is excited by this prospect. She stated that;
"There is a lot of client interest to learn more about the metaverse. We put together our white paper to help clients cut through the noise and highlight what the current reality is, and what needs to be built next in technology, commercial infrastructure, privacy/identity and workforce in order to maximize the full potential of our lives in the metaverse."
Key levels to watch
The MANA/USD 4-hour chart is one of the most bullish amongst the top 30 cryptocurrencies by market cap.
The MACD line has crossed the neutral zone, indicating strong bullish momentum for MANA at the moment. The token's 14-day RSI of 78 shows that MANA will soon enter the overbought region.
At press time, MANA is trading at $3.191. If the rally is sustained, MANA will surpass the first major resistance level of $3.57. However, MANA will need the support of the broader crypto market if it is to trade above $4 for the first time since last year.