The MANA Relative Strength Index showed growth that signals an increase in buying activity.
- New developments, partnerships in Decentraland contribute to price spike
- Decentralized and social mentions boosted by 89.07%
- MANA price up 1.04%
There are so many exciting developments underway for Decentraland (MANA), such as StadioPlus’ partnership with LaLiga, a Spanish football league giant.
The partnership allows LaLiga to offer themed plots of virtual pitches in Vegas City, which has the largest entertainment, gaming and sports areas in Decentraland.
That being said, a bullish reversal is possible, breaking above the $0.84 barrier and peaking towards the $1.26 mark.
According CoinMarketCapMANA price has spiked 0.15% or is trading at $0.7431 at the time of writing.
MANA/USDT Pair: Sideways Rally
The MANA/USDT pair has been seen moving sideways over the past four months. With this rallying trend, the $1.15 resistance is now a barrier to any bullish surge. However, the $0.756-$0.74 support levels have created a buildup of active bullish activity.
Following the retracement that occurred in the second half of August and the massive sell-off in light of the influx of high CPI data, Decentraland price declined to key support at 0 $.71. On the other hand, MANA retested the support level several times, triggering a rally.
At this point, buyers can resurrect prices from zero and establish an upside run at key resistance at $0.756. But, to do so, the buyer will need to hook the $0.84 supply level to validate this rally.
On the other hand, a break below the $0.71 mark signals a downtrend that could cause MANA to lose its $0.71 support.
Decentralized and social measures on the rise
Decentraland are garnering huge social engagement following their development announcements with LaLiga. Stephen Ibbotson, CEP Head of Franchising and Licensing, said, “This licensing agreement will allow us to reach a significant new audience, like Decentraland’s.”
The news significantly improved Decentraland’s NFT numbers. Decentralized and social mentions were amplified by 89.07%. Social engagement also improved by 30.6%. More so, Decentraland’s NFT prices also surged to 1.66 ETH, posting an increase of 9.42%.
Miles Anthony, CEO and co-founder of Decentraland Games, tweeted the huge improvement seen in Decentraland towards the end of the fourth quarter.
“Yesterday, on day two of ICE Poker Flex live, we hit all-time highs of 614 DAUs (daily active users) and 593 tournaments played,” said Anthony.
MANA total market cap at $1.37 billion on the daily chart | Source: TradingView.com Featured image from Binance Academy, Chart: TradingView.com (The analysis represents the author's personal views and should not be construed as investment advice).