The metaverse coins have been rallying in recent days due to the increasing attention caused by Facebook’s entry into the metaverse world.
MANA, the native token of the Decentraland ecosystem, has been one of the top-performing coins in recent days. The token reached a new all-time high of $4.11 over the weekend but has slightly dropped and is now trading close to the $3.5 region.
At the time of writing, MANA is up by nearly 10% against the US Dollars and could attempt to reach its all-time high price above $4 again over the coming hours or days if it could maintain the momentum. MANA, like the other metaverse coins, has rallied since Facebook announced over the weekend that it has rebranded to Meta in a bid to become a metaverse-focused company.
A giant like Facebook entering the metaverse space did wonders for cryptocurrency projects already active in the sector. As a result, MANA and other metaverse-focused coins like SAND have rallied to new all-time highs over the past few days.
Key levels to watch
The MANA/USD 4-hour chart is highly bullish, thanks to the token’s performance over the past few days. MANA’s MACD line is deeply within the bullish zone, while its 14-day RSI of 64 shows that the token is heading into the oversold region.
At the time of writing, MANA is trading at $3.24 per coin and could be set to rally higher over the coming days if it maintains the current momentum.
What to look for next
MANA could look to rally higher over the coming hours and break past the $3.7 resistance level. However, it would need to avoid the $3.2 pivot level to stand a chance to surge higher over the next few hours. In the event of an extended rally from the broader cryptocurrency market, MANA could look to surpass the second major resistance level at $4.00
However, if the bears take control of the market, then MANA could slip below the $3 level over the next few hours. Unless there is an extended sell-off period, MANA should comfortably stay above the $2.7 level.