MANA, the native token of the Decentraland ecosystem, has added more than 30% to its value over the past 24 hours.
The metaverse space has been gaining massive adoption in recent weeks despite the broader crypto market underperforming during that period. Bitcoin continues to underperform below the $60k level while Ether finds it hard to cross the $4,500 mark.
However, MANA, the native token of the Decentraland ecosystem, has been rallying over the past few hours. The coin reached a new all-time high above $5.6 a few hours ago after adding more than 30% to its value during that period.
The rally was due to a Canadian investment firm that focuses on decentralized finance (DeFi) called Tokens.com, buying $2.5 million worth of virtual land on the Decentraland platform. According to Tokens.com, the acquisition is the biggest of its kind on the Decentraland ecosystem.
Thanks to this latest development, MANA rallied to a new all-time high and could soar higher over the coming hours. The rally comes despite the broader cryptocurrency market still underperforming after the excellent performance earlier this month.
Key levels to watch
The MANA/USD 4-hour chart is one of the most bullish in the market at the moment, thanks to the coin’s rally. The MACD line currently stands above the neutral zone, indicating that MANA is currently in bullish momentum. It’s RSI of 78 shows that MANA is currently overbought and could rally higher over the coming hours.
If MANA continues with its recent momentum, then it could break past the $6.0 psychological level in the coming hours and test the first major resistance at $6.2. An extended rally from the coin could push it past the $7 mark over the next few hours.
However, MANA could slightly retrace after adding nearly 600% to its value over the past month. If that happens, then MANA could test the first major support level at $5.1. Unless there is an extended bearish performance, MANA should comfortably defend its position above $4.5 over the next few hours.