Today, the virtual reality-based cryptocurrency known as Decentraland (MANA) stands out as the best-performing asset in the market. The value of this altcoin has surged by more than 10% in the last 24 hours, hitting a two-month high of $0.31 at the current time.

There are strong indications from technical analyses that suggest a renewed interest from investors and a robust bullish trend, potentially paving the way for MANA's price to continue its upward momentum in the short run.

The rise in MANA's value is attributed to an increase in demand for the cryptocurrency. The on-balance volume (OBV) for MANA/USD has been steadily climbing, currently at 9.47 billion - the highest level since December 2024. The OBV indicator serves to measure the buying and selling pressure of an asset, providing insights into whether the volume is in line with the price trend.

Furthermore, MANA is currently trading above its 20-day exponential moving average (EMA), indicating a positive market sentiment. The 20-day EMA calculates the average price of an asset over the past 20 trading days, giving more importance to recent prices. This suggests that the market is experiencing a short-term uptrend, with recent prices exceeding the 20-day average.

Examining the daily chart, MANA is positioned above an ascending trend line, showcasing a strong upward trend. This pattern signifies a consistent increase in prices over time, driven by growing buyer interest, reflecting a bullish market sentiment. If this trend continues, MANA's price could surpass $0.34 and potentially reach $0.44, marking a 41% increase from its current level.

However, in case of profit-taking activities, MANA might retrace its gains and drop to $0.19, representing a potential 40% decline from its current price.