As major cryptocurrencies continue to shrink, Metaverse-driven altcoin Decentraland [MANA] has a different story to tell. The gaming crypto-asset smashed a new all-time high of $4.34 in the wee hours of the 20th of November. The latest price surge of the coin can be attributed to the growing popularity in the metaverse realm. Besides that, MANA tokens are used in the purchase of different assets in Decentraland’s 3D virtual universe, and the soaring interest in the metaverse and non-fungible tokens[NFT] have further caused a ripple effect to the price surge.
Built on top of the Ethereum blockchain, Decentraland is a metaverse that facilitates users to buy and sell land, outfits in its virtual world. The digital reality world has quickly risen to one of the most trending topics in the crypto space and has recently brought a tremendous amount of traction and investments that are acting as catalysts for the native token.
In addition to that, the overall market volatility and the increased sell-offs for the dominant crypto-assets such as Bitcoin [BTC], Ethereum [ETH], and others have not made much of an impact on the MANA token. Instead, it highlights the fact that Decentraland and MANA with their unique use cases can still rake in bigger gains despite the bearish pressure in the broader market.
Decentraland [MANA] Daily Price Chart
At the time of writing, MANA was trading at $4.05 after a daily rise of 2.05%. Its market cap was found to be at $7.38 billion while its 24-hour trading volume stood at $3.37 billion.
As indicated from the daily chart, the Awesome Oscillator [AO] is leaning towards a bullish momentum. With regards to the Relative Strength Index [RSI] indicator cruising above 70 depicts strong overbought conditions in the coin market. However, the Chaikin Money Flow [CMF] below the zero line is projecting weak capital inflows in the market.