MANA Price Rallies 45% To $1.27 Buoyed By Facebook’s Rebrand To Meta

MANA price has rallied 45% over the last 24 hours following the news of Facebook rebranding to Meta. MANA’s upward movement aims for the all-time high around $1.70.

The MANA price has rallied a massive 45% over the past 24 hours, a significant increase for the DeFi coin. Decentraland’s price rally has been largely driven by the news of Facebook rebranding to Meta. The tech giant announced it was rebranding to Meta, reaffirming its metaverse ambitions.

The news saw Metaverse, NFTs and gaming token prices rally just a few minutes after the announcement with some metaverse-related cryptocurrencies gaining as much as 100% in the last 24 hours.

Decentraland (MANA) price analysis reveals that it soared by as much as much as 80% earlier today to an intra-day high of $1.521 before being rejected by the $1.50 resistance level.

MANA Price Rally Aims For $1.70 All-Time High

At the time of writing, MANA price is changing hands around $1.27 on most crypto exchanges and appears to be fighting immediate resistance from the $1.30 psychological level. A closure above this level could see the Decentraland token rise to tag the April 17 all-time high (ATH) around $1..70.

Before hitting this target, the MANA bulls have to overcome selling pressure from the $1.42 and $1.49 supply zone.

The entry of the Relative Strength Index (RSI) into the overbought zone indicates that the bulls are in control of the MANA price, accentuating this bullish outlook.

Also the upward movement of the MACD and its position above the zero line in the positive region validates this optimistic outlook.

MANA/USD Daily Chart

However, if MANA slips back into the demand zone, the red band, it could trigger massive sell orders that could see it tank towards the 200-day SMA at $0.85, the 100-day SMA at $0.80 and the 50-day SMA at $0.871.

If you’re looking to buy some MANA then you should take a look at this guide on crypto trading.