Here's Why Decentraland MANA Price is Up 72% to $0.7 And $1 is On The Horizon

cryptonews.com:

Decentraland, the Ethereum-based virtual reality platform, has introduced new features for its users recently, leading to a significant spike in the value of its token, MANA. MANA's price is currently trading close to $0.7 with a 1.14% decrease in the past 24 hours and closed the previous weekly candle with an 83% gain. The new features, which include the ability to link profiles, differentiate nametags, and highlight avatars, have been well-received by users if the token's price is any indication.

Decentraland's MANA is in a strong bullish trend with MANA's price trading above the 20-day, 50-day, and 100-day EMAs, indicating that the short to long-term trend for this cryptocurrency is bullish providing the wider market conditions allow. With the recent market rally beginning to slow down, investors should be cautious.

The MACD indicator suggests that the token is in an uptrend, however. The MACD line stands above the signal line, and its histogram displays a positive value, indicating that current prices are higher than their respective moving averages.

Despite the RSI of 88.61 suggesting that the token is currently overbought, traders should watch for volume confirmation before investing in any further price action.

With a volume of $78.526 million and a volume moving average of $39.505 million, this suggests MANA is experiencing higher-than-average trading volume, a clear sign of increased market interest.

The immediate support for the token is at $0.5838 to $0.6015, and the immediate resistance is the 200-day EMA at $0.7082 and $0.7507 to $0.7887. The next resistance is the $1 psychological resistance followed by the previous resistance range of $1.064 to $1.1391.

All in all, Decentraland's MANA is displaying a bullish