Bitcoin continues to hover around $35,000 and altcoins are ready to follow the footsteps of the king of cryptocurrencies. However, some cryptocurrencies are acting early. Decentraland (MANA) is a notable example in this regard. Whales are getting active and the metaverse altcoin can target $0.5 again. Now let’s take a detailed look at the current price outlook.
MANA Coin Whale Movements
Decentraland, Enjin (ENJ), SAND Coin prices have been on the move this month. We had seen a significant recovery in AXS Coin price as well. These price increases seem promising for now as they are supported by the user activity of GameFi and metaverse altcoins. Moreover, whales have also started to get involved. MANA Coin whales accumulated 23.9 million MANA in just 3 days this week.
The chart below shows how the addresses holding MANA Coin between 1 and 100 million increased their holdings from 560.6 million to 584.5 million MANA between November 5th and November 8th. The bold behavior of whales while the Bitcoin price fluctuates is also promising for the price.
The current $10 million purchase has already pushed the MANA Coin price above $0.4 in low-volume markets. It is assumed that as whales continue to buy more tokens as prices approach critical peaks, they are waiting for more gains rather than early profit-taking.
MANA Coin Price Target
After the price dropped to $0.26, the lowest point in two years, restless investors were encouraged to sell. Fed policies and global risks also indicated more losses for BTC price during the same period. Fortunately, whales who acted boldly from the bottom have already doubled the MANA Coin price. According to Santiment, the Daily Trading Volume of MANA reached its second-quarter peak this week with $193.4 million.
The increasing interest of investors along with whale demand strengthens liquidity. This indicates that the price can continue towards the $0.5 level. In a possible upward scenario, the targets can be $0.5 and $0.53 after the resistance at $0.43.
Closing above $0.53 for MANA Coin will be a strong signal for a potential recovery that can focus on the $1 target once again.