Metaverse-based token Decentraland (MANA) is today’s top-performing asset. The altcoin’s value has soared over 10% in the past 24 hours, pushing it to a two-month high of $0.31 at press time.
With technical indicators pointing at renewed investor interest and a strong bullish trend, MANA price may be poised to extend its rally in the short term.
MANA Price Rally Supported By Demand
An assessment of the MANA/USD one-day chart reveals a steady uptick in the token’s on-balance volume (OBV), reflecting the rise in its demand. This momentum indicator is at 9.47 billion at press time, its highest level since December 2024.
The OBV indicator measures an asset’s buying and selling pressure. It adds volume on up days and subtracts it on down days. This dynamic helps traders determine whether volume supports the price trend at any given moment.
As observed with MANA, an asset’s OBV rising alongside its price signals strong buying interest. This effectively confirms the sustainability of a bullish move. The trend signals that traders’ demand backs the token’s double-digit price rally over the past day.
Moreover, MANA trades above its 20-day exponential moving average (EMA), supporting this bullish outlook. At press time, this key moving average forms a dynamic support level below MANA’s price at $0.26.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. When it falls below the price, it suggests that the market is in a short-term uptrend, with recent prices higher than the average of the past 20 days.
This indicates strong bullish momentum, as MANA’s price currently outperforms the recent average.
MANA Bulls Maintain Control
On the daily chart, MANA was trading above an ascending trend line, accentuating its price surge. This bullish pattern acts as support and emerges when an asset’s price forms higher lows.
It indicates a consistent upward movement over time amid growing buyer momentum.
This technical formation suggests MANA buyers are in control, signifying bullish market sentiment. If this outlook sustains, MANA price growth will likely continue, with the trendline providing downward support.
Such an action could see the token’s price break above $0.34, potentially climbing toward $0.44. Such a move would constitute a 41% move above current levels.
Converesly, if profit-taking commences, MANA could shed its recent gains and plunge to $0.19, down nearly 40% below current levels.
The post Decentraland (MANA) Hits Two-Month High Amid Bullish Momentum appeared first on BeInCrypto.
