The crypto-verse has been portraying numerous digital assets moving sideways on the charts. As the market cycle continues its prevailing trend. Successively, the metaverse sector has been signaling red, with the market cap down by 4% at $51,385,392,694. While the trade volumes for 24-hours are at $9,587,773,487 which is down by 22.99% at press time.
Metaverse’s top-tier protocol Decentraland has been escalating on prominence, leaving behind numerous potential protocols in the industry. The growth metrics of Decentraland have instilled faith in traders while influencing new investors to join the league. Meanwhile, an analyst from the business pens a bullish target of 80% price surge.
Is Decentraland Raising The Bars For Metaverse?
The emerging industry of metaverse has been trekking higher towards the summit. The projects catering to the sector have been proving time and again the potential the protocols hold. With bigger players entering the space, we can expect the industry booming leaps and bounds ahead of current levels.
According to substantial sources, Decentraland ranks the fourth position by popularity on Coin Market Cap for the month of November. This is in addition to the platform ranking under the top-15 NFT marketplaces by trading volume with 662 traders in the last 30 days. Not to miss out, Decentraland has also made it to the top-15 coins by trending search on Binance as of 1st December 2021.
The platform is hosting numerous events which is praiseworthy, as it could pave way for more projects to join the league. Previously CoinPedia had reported a yacht being sold for $650,000, and a parcel of land being sold for 618,000 MANA.
Decentraland (MANA) Launching To The Moon?
MANA at press time is trading at $4.34 while scripting negative gains of 4.0%. The market cap is floating at $5,763,341,546. While the trading volumes for 24-hours are at $1,577,394,274. The digital asset has been trading in the bandwidth from $4.26 to $4.77 since the previous day. While the ATH stands at $5.85, which was hit a week ago.
The industry proponent enlightens on the price projections of MANA. While citing that, a breakout from the triangle could result in two possible scenarios. One being a breakout to reach the target of $5.3, and then towards $5.8.
The other possibility could result in a pullback to levels around $4.2, and a retest of support at $3.93 and $3.5. The analyst further mentions that in both scenarios MANA would follow targets at $6.5, $7.8, $9, $10, and $15. The potential buy orders could be placed at support levels.
Collectively, Decentraland has been a top-tier metaverse project. The protocol has been receiving tremendous acceptance and investments from traders and enthusiasts in the industry. We can expect a bullish move to greater highs this alt season, provided the circumstances favor the digital asset.