Decentraland's cost sees an upward trend, with optimistic chart indicators triggering a surge higher
In the dynamic world of cryptocurrency, there's some exciting news for those keeping a close eye on Decentraland's MANA. The digital asset has been exhibiting a robust and bullish structure, with a series of higher highs and higher lows, a clear indication of a strong uptrend.
This bullish structure is not a mere fluke. It's the result of an extended consolidation period, during which market participants have been steadily accumulating positions. This consolidation, a common occurrence in the crypto market, typically precedes explosive expansions.
One factor that's boosting optimism among MANA investors is the shrinking Binance exchange supply. The decrease in available MANA on the world's largest cryptocurrency exchange has sparked hopes of a potential rally, as it often signals increased demand and reduced selling pressure.
The healthy structure of MANA's chart suggests that the current rally is part of a broader accumulation-to-expansion cycle. If volume influxes confirm sustained buying momentum, an expansion towards $0.38 could be on the cards. However, a continuation towards the $0.30 resistance appears likely before such an expansion.
It's worth noting that each dip into support has been absorbed quickly, indicating a strong trend and potential for further growth. If the crucial $0.61 support holds, MANA's bullish structure remains intact.
Elsewhere in the crypto sphere, Sora Ventures, a leading Asian venture capital firm based in Taiwan, has made headlines. The institution recently launched the first Bitcoin treasury fund in Asia, valued at 1 billion US dollars. This fund aims to support corporate adoption of Bitcoin as a reserve asset, a move that could have far-reaching implications for the crypto market.
In conclusion, MANA's bullish structure, coupled with the shrinking Binance supply and the launch of the first Bitcoin treasury fund in Asia, paint a positive picture for the future of Decentraland's digital asset. However, as with all investments, it's essential to approach the crypto market with caution and make informed decisions based on thorough research.
