October 2, 2022

Decentraland, Sandbox, and ApeCoin lead the Metaverse industry. The three hold around 40% of the overall market cap of Metaverse coins.

As the overall market turns bullish, these assets noted upticks. Meanwhile, Decentraland led the rally that saw the sector’s market capitalization beyond $15 billion on Tuesday.

MANA’s Manna to the Digital World

MANA exhibited a fascinating setup on its charts during this publication. One that showed the alt seemingly repeating the bullish behavior that has prevailed since Nov 2020. The asset’s buying momentum from the oversold region’s lows lasted 138 days between Nov 2020 and March 2021 & 132 days from June 2021 to Nov 2021.

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This setup placed MANA on an extended upside as the altcoin saw increased demand. That gives the Metaverse token enough momentum to trigger a massive rally that the ongoing 47.14% and finally, reclaim the 23.6% FIB mark.

That represents a crucial level, and MANA surging past it will open the doors for the alt to (eventually) explore its Nov 2021 all-time high at $5.16. The upsurge would mean a lucrative profit boost for the 60% of MANA investors that strived for returns over the past four months.

That remains essential as the network has seen overall performance deteriorating in sales & value. Meanwhile, the market should maintain the bullishness in its charts to revive that.

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The skepticism around the market resurges since last month triggered faded sales, with the platform selling 728 plots from the prior month’s 1018. Moreover, the month’s first week recorded 155 LAND plots sales.

That saw August’s expected sales hitting 620, the lowest market in ten months. Remember, everything depends on Decentraland (MANA) following this setup and surging within the next couple of weeks.

On the other hand, the crypto market appears to cool after the recent massive upside. Bitcoin traded around $23,830.99 during this publication, a brief retrace after exploding past $24.1K. Most altcoins have also noted minor declines.

Nevertheless, Ethereum remains elevated, gaining 2.33% within the past 24 hours. It remains interesting to see what upcoming trends would define.

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Stay tuned for the latest developments in the crypto space.

Editorial credit: Dennis Diatel / shutterstock.com


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