This year saw a monumental rise in digital asset investment products with record inflows of around $9 billion YTD. Interest was also pretty evident in the upcoming Metaverse space, wherein Crunchbase’s list of companies has already raised over $96 million this year.
In fact, despite the larger market weakening, there were still some coins that stood out, one of them was the Metaverse token- Decentraland (MANA)[1].
MANA was one of the only two tokens in the top 30 coins by market cap that noted double-digit gains, alongside Elrond. So, with Bitcoin[2] oscillating under the $57K mark, can the same pave the way for MANA’s rise?
Price action about to get interesting
The last month changed the game for MANA, as the asset saw over 400% gains in the time frame, post the Metaverse mania. Even though the coin’s trajectory looked more or less independent, the alt’s rally did face hurdles after making an ATH of $4.94 in October end. MANA corrected by over 40% in the first week of November but managed to pull the price above the $4 level, a few days ago.
Source: Trading View
Now, as the attainment of the $5 level seems to be quite possible, can MANA be the next alt to reach its ATH?
At the time of writing, MANA was trading at $4.12 noting 12.15% daily, and 41.71% weekly gains. Strikingly, MANA’s correlation to Bitcoin was near all-time low levels at the time of writing and noted -0.26.
The negative price correlation to BTC indeed panned out pretty well for the altcoin as it rallied with Bitcoin’s price falling. While MANA seemed to defy the larger market trend for the last week, it did see minor losses.
Furthermore, a week ago, Barbados
