The global crypto market capitalization jumped around a couple of percentage points to the $ 2.64 trillion mark compared to last day. However, the total volume of the crypto market was almost unchanged at $ 130.91 billion.
Polkadot rose by more than 15 percent and set a new all-time high by crossing the $ 50 mark last night in anticipation of its parachain auction scheduled to take place soon, ZebPay Trade Desk said.
Squid Game (SQUID), the latest memecoin sensation, inspired by Netflix's success, surged more than 230,000 percent last week to $ 2,861.80, based on CoinMarketCap prices, only to drop 100 percent to less than half a penny.
Bitcoin has been limited to a range in recent days. There appears to be a slight slowdown in what was the bullish sentiment seen two weeks ago when prices hit $ 66,900, the CoinDCX research team said.
"The meta-theme rally kicked off after Facebook's Metaverse rebranding, with momentum showing no signs of unshakable in the new week," he added.
Giottus Cryptocurrency Exchange Technical View
As metaverse fever takes hold of the crypto universe, the market is showing a strong appetite for projects like Decentraland. Decentraland is a platform running on the Ethereum blockchain that allows users to buy and sell virtual real estate, interact with and play with other users. Possibly the ideal example of a metaverse. MANA is the token that allows trading within its platform.
MANA rose from a low of $ 0.67 in October to more than $ 4.5 at the end of the month. That's a whopping 570% returns. Since then, it has seen a minor correction with the token currently trading around the $ 3 mark. Some consolidation is healthy for future rallies while giving the token a chance to cool its RSI, which is currently at 75. on the daily charts.
Since most of its moving averages are significantly lower, MANA does not enjoy strong support immediately apart from daily levels and Fibonacci retracements from its recent correction. However, around $ 2.3 there is a gold pocket that is expected to provide support.
For MANA to resume its optimism, it will need to hold the trend line support and will need to fight resistance at $ 3.12 and $ 3.47.
Higher levels
Support: $ 2.8, $ 2.55, $ 2.29
Resistance: $ 3.47, $ 3.75
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position on the assets mentioned).
