- Decentraland (MANA) price is up more than 10% in the last 24 hours, trading near $0.54.
- The metaverse-focused token is performing strongly, but is facing some profit pressure with its price currently hovering above $0.50.
- Recent activities and announcements are likely the reason for the token’s surge.
The price of Decentraland (MANA) was trading at highs today near $0.54 after surging more than 10% in the last 24 hours. The price of the metaverse-focused altcoin was trading around $0.50 at the time of writing due to some profit trading.
Why Decentraland prices soared today
The surge in the spot price of the MANA token to its highest level in two weeks occurred as the rally that began around May 12, when MANA/USD surged from under $0.43, expanded into a bull market.
The token’s rise coincided with the overall uptrend across the cryptocurrency market, with Bitcoin price retesting resistance from below $26,000 to near $28,000.
Ethereum price also held above $1,800 as the broader cryptocurrency market resumed its positive outlook. Among the popular coins on Wednesday, XRP surged on news that Ripple scored another victory in its battle with the SEC.
As for MANA price, potential Decentraland buying demand has emerged over the past week as the protocol has revealed several upcoming developments. For example, the platform announced a partnership with NFTLabs for a gamified store and said it would host a Metaverse party with popular DJ Dillion Francis on May 19.
It’s almost party time 🎂🪅
May 19th 🙌@Dylan Francis @VegasCityDCL https://t.co/Oum7rO1GRe pic.twitter.com/8L8PZDcTrp
— Decentraland (@decentraland) May 16, 2023
MANA/USD: What’s Next for Decentraland Price?
The recent uptrend in terms of MANA price suggests that investors may be receptive to a renewed bullish outlook for the metaverse industry. The past few months have been all about artificial intelligence-based tokens and meme coins.
But investors seem unfazed by the frustration with the major tech companies in the metaverse, especially Mark Zuckerberg’s Meta stage. Nonetheless, the metaverse token space is seeing some resurgence, led by the likes of Axie Infinity and The Sandbox.
If Decentraland continues to grow amid new feature launches and user engagement, MANA price could recover most of the losses incurred since the cryptocurrency winter. However, if the price falls below $0.50, immediate price action could force sellers to confirm the price’s recent support level.
Decentraland MANA 4-hour price chart. Source: TradingView
On the 4-hours chart, MANA/USD can rely on key support zones at $0.47 and $0.43.