Since Facebook revealed its Meta redesign last week, the price of Decentraland's MANA token has increased by 640 percent. The MANA token from Decentraland looks to be in a temporary consolidation phase as it gains momentum ahead of its next step up.
MANA Aims for Higher Highs
The MANA token from Decentraland is now in price discovery stage, indicating that it is poised for more rises. Following Facebook's surprising rebranding announcement, several Metaverse-related crypto projects have risen in value in recent days. The Big Tech behemoth announced last Thursday that it will change its name to "Meta" and shift its concentration to virtual reality realms.
Facebook CEO Mark Zuckerberg remarked in a presentation video about the pivot:
"We're still the firm that builds technology with humans in mind." But now we have a new North Star: to assist in the creation of the Metaverse."
Facebook will start supporting NFTs in the future, according to Zuckerberg.
Despite the fact that several other comparable tokens, such as SAND and AXS, rallied in response to the news, Decentraland's MANA token soared by more than 640 percent to a new all-time high of $4.70. The asset now looks to be in a consolidation phase before to the next step higher.
On the four-hour chart of MANA, the token appears to be forming a bull flag. The pattern's flagpole was generated by a 200 percent rally between Oct. 30 and Oct. 31. Meanwhile, the pattern's flag is being created by the symmetrical triangle that has been evolving since then.
A surge in purchasing pressure that permits MANA to breach the flag's upper trendline around $3.30 might indicate a possible breakout. Decentraland's market value might rise by approximately 67 percent to $5.56 in this scenario. The price goal is calculated by taking the height of the flagpole and multiplying it by the breakout point.
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