Decentraland (MANA) Price Soars 10% to Two-Month High of $0.31, Bullish Trend May Extend Rally

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

Decentraland (MANA) is today’s top-performing asset. The metaverse-based token's value has risen more than 10% in the past 24 hours.

This move pushes the altcoin to a two-month high of $0.31 at the time of writing. Technical indicators show that renewed investor interest and a strong bullish trend could see MANA price extend its rally in the short term.

Decentraland (MANA) has seen strong buying interest in recent times. On-balance volume is now at its highest point since December 2024.

Decentraland (MANA) Price Analysis: Technical Indicators Point Upwards

An assessment of the MANA/USD one-day chart reveals a steady uptick in the token’s on-balance volume (OBV). At press time, this momentum indicator stands at 9.47 billion, its highest 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, in turn, 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.

Furthermore, MANA trades above its 20-day exponential moving average (EMA), which bodes well for the bulls. At press time, this key moving average forms a dynamic support level.

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 bullish momentum, as MANA’s price currently outperforms the recent average.

What Next For MANA Price?

On the daily chart, MANA was trading above an ascending trend line, highlighting 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 that MANA buyers are in control, indicating 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.

Conversely, if profit-taking commences, MANA could shed its recent gains and plunge to $0.19, down nearly 40% below current levels.