MANA is targeting $ 5.56 thanks to Facebook’s metaverse wave

Key factors MANA 

• Decentraland (MANA) has grown in popularity since Facebook announced its rebranding.
• As the tech giant focused on virtual reality, investors became bullish on MANA and other Metaverse coins.
• Further buying pressure can push the asset to a new all-time high of $ 5.56.

MANA target higher

Decentraland has entered a pricing phase and appears to be preparing to move higher.

Several Metaverse-related crypto projects have exploded in the past few days following the sudden announcement of Facebook’s rebranding. Last Thursday, the tech giant announced that it would change its name to “Meta” and shift its focus to the world of virtual reality.

In a video on the subject, Facebook boss Mark Zuckerberg said:

“We’re still a company that develops technology around people. Now we’re going to focus on bringing Metaverse to life. “

Zuckerberg also confirmed that Facebook will support NFT in the future.

While many other tokens like SAND and AXS also made the news, MANA made the biggest jump, rising more than 640% to hit a new all-time high of $ 4.70. Now the asset appears to have entered a brief period of consolidation to use up previous gains.

Hourly / USDT Chart | Source: TradingView

MANA’s hourly chart shows that the token may be forming a bull flag pattern. The 200% rally between October 30th and 31st created the flagpole of the pattern. In the meantime, the symmetrical triangle developed since then forms the flag of the pattern.

The pattern will complete on a breakout and close above the flag’s resistance line at $ 3.30. In this case, MANA can rise nearly 67% to the $ 5.56 level.

This target is determined by adding the height of the flagpole to the breakout point.

It’s worth noting that MANA needs to continue trading above $ 2.60 for the uptrend to remain intact. A loss of this level can result in a quick decline towards $ 1.55.

Here you can see the MANA prices.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to crypto briefing

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