- Decentralized holds above $0.1 despite rejection at $0.114.
- On-chain metrics hint at a continued uptrend with the bulls targeting August high at $0.134.
Decentraland received a world-class recognition within the cryptocurrency industry due to the listing on Coinbase, one of the leading crypto exchanges in the United States. As reported, the listing was received positively, boosting MANA into a massive breakout. A monthly high has been achieved at $0.114 amid the 20% gains accrued over the last 24 hours.
Decentraland bulls focused on sustaining the uptrend
The 3-day chart shines a light on the breakout from a descending parallel channel moments after the listing announcement. Before that, MANA had slipped under the 50 Simple Moving Average. Support at the channel's middle boundary played a crucial role in the recovery. Price action beyond the upper edge resulted in a massive spike past the critical level at $0.10.
MANA/USD 3-day chart
MANA topped out at $0.114 after falling short of the August 2020 high of $0.134. At the time of writing, the 72nd largest cryptocurrency is doddering at $0.104. The uptrend seems unstoppable, especially with the Relative Strength Index consistently iring towards the overbought region. With a 24-hour trading volume of roughly $98 million, MANA is still a hot asset among investors and traders.
The network growth metric by Santiment, a leading provider of on-chain data, shines a light on the remarkable increase in the number of new addresses that have joined the network in the last few days. The spike is attributed to the listing on Coinbase.
However, MANA has managed to remain the investors' favorite, hence the price's sustained uptrend. In other words, this metric shows the level of user adoption over some time and can point out whether an asset is gaining or losing traction.
Decentraland network growth chart
Consequently, there was a significant increase in the number of whales holding 10 million coins in the last two weeks. For instance, the addresses in this range swelled from 25, recorded by Santiment on October 26 to 29, posted on November 7. Although the upturn may seem insignificant at first, the whales' volume is large enough to increase MANA's tailwind.
Decentraland holder distribution
According to the hourly chart, MANA's uptrend could soon lose traction. The RSI is currently horizontal at the 70 amid a developing bearish momentum. If MANA fails to overcome the resistance at $0.107, sellers might swing back into action, pulling Decentraland below $0.1.
MANA 1-hour chart
On the downside, declines could also extend to the 50 SMA to seek support. Other anchors to keep in mind include the 100 SMA and the 200 SMA, currently at $0.074. Similarly, the number of new addresses must continue to grow; otherwise, the token's inflow and outflow might be affected and trickle down to retracement in the token's value.
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