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MANA increases its value by more than 30% in 24 hours and here's why



MANA, the native token of the Decentraland ecosystem, has increased in value by more than 30% in the past 24 hours.

The Metaverse space has grown massively in prominence in the past few weeks, despite the fact that the broader crypto market underperformed sharply during this period. Bitcoin continues to perform below the $ 60,000 mark while Ether is struggling to break above the $ 4,500 mark.

However, MANA, the native token of the Decentraland ecosystem, has been bouncing back over the past few hours. The coin hit a new all-time high of over $ 5.6 a few hours ago after gaining more than 30% in value over that period.

The rally was driven by a Canadian investment firm called Tokens.com, which is focused on decentralized financing (DeFi) and bought $ 2.5 million of virtual land on the Decentraland platform. According to Tokens.com , the acquisition is the largest of its kind in the Decentraland ecosystem.

Thanks to this recent development, MANA hit a new all-time high and could climb even higher in the coming hours. The rally comes despite the broader cryptocurrency market still underperforming after its excellent performance earlier this month.

An overview of important levels

The MANA / USD 4-hour chart is currently one of the most bullish on the market thanks to the rally in the coin. The MACD line is above the neutral zone, which suggests that MANA is currently in bullish momentum. The RSI of 78 shows that MANA is currently overbought and could rise in the coming hours.

If MANA continues its recent momentum, it could break the USD 6.0 psychological level in the coming hours and test the first major resistance at USD 6.2. A longer rally in the coin could push it above the $ 7 mark in the next few hours.

However, MANA could fall slightly after gaining nearly 600% in value last month. If that happens, MANA could test the first major support level at $ 5.1. Unless there is prolonged bearish performance, MANA should comfortably defend its position above USD 4.5 for the next few hours.

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