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Decentraland Price Forecast: How Much Can MANA Rise?



The upward trend of Decentraland seems unstoppable. The MANA native token is trading at $ 5.33, a few points below its all-time high of $ 5.85. It has risen more than 1,375% since its low in June this year.

Why is the price of MANA rising so much?

Decentraland is one of the fastest-growing blockchain networks in the world. It's a Metaverse project that enables users to buy and sell digital things. The members of the network can buy virtual land, build products and sell them again in the form of non-fungible tokens (NFT). MANA is the native token used in this ecosystem.

Decentraland has seen strong growth in the past few months. The growth was reinforced when Facebook changed its name to Meta announced. In this case, Meta stands for Metaverse

The price of MANA has risen so much that some analysts are talking about MANA mania. This is mainly due to the interest in Metaverse. In fact, the price of land on this network has risen significantly in the past few weeks.

This week, a company managed to buy a virtual property in Decentraland for more than $ 2.3 million. That's a price well above the average price for a house in New York and other places. The virtual property is located in the fashion district of Decentraland.

A quick look at the platform's marketplace shows that the prices of land and other collectibles have risen sharply in recent weeks. So will this upward trend continue? It is possible, but there is also the possibility that interest in the industry will cool off over the next few months.

MANA isn't the only metaverse cryptocurrency that's on the rise. For example, the price of The Sandbox has more than doubled in the last few days. The price of Gala Coin has also seen a parabolic jump.

I warned that the price of the coin has fallen, but can still recover. At that time the price collapsed in double digits.

The daily chart shows that the Decentraland price has actually been in a strong uptrend lately. It has even outperformed mainstream tokens like Bitcoin and Ethereum. The coin has managed to move above the major resistance level at $ 4.97, which was its all-time high to date. It is also above the ascending trend line, which is shown in red.

The coin is also above the moving averages for the past 25 and 50 days. Therefore, I suspect that the upward trend will continue over the next few days. If it does, the chances are the price will climb to $ 10. However, in December, there is also a likelihood that the cryptocurrency will suffer a major setback if investors take their profits.

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