The Decentraland Price has taken a tumble of late but that is of course nothing new in the fast-changing crypto market world. At present, the price is hovering around the $0.54 mark, which is a jump of well over 20% from a low of $0.43. This is a significant price movement that demonstrates strength on the bullish divergence for the coin.
Decentraland Price Poised For Further Upswings
Decentraland (MANA) thrice reached an all-time high in the past couple of months. On 1 April it was up to $1.59 and after a downswing to the $1.05 mark, it was once again up to the $1.61 level on 19 April. Price volatility caused the price to drop again to the $1.04 level in late April only for MANA’s price to once again reach the $1.59 level on 7th May.
Since that level, the Decentraland price has been on a slow and steady decline to eventually settle at the $0.43 level on the 2th June. This represents a decline of well over 70% from its all-time high registered just six weeks earlier.
MANA bullish price action expected over next few days
With the current upswing in the crypto market, MANAs price can be expected to rise considerably over the next few days. It has already appreciated by 23% over the past 48 hours and a bullish sentiment is expected to continue pushing the price up.
The resistance level of $0.50 seems to have been broken quite easily and the next level of resistance for the Decentraland price seems to be the $0.65 level. If that level is broken then one could expect a whole leg up to the $1 mark which would be an important psychological barrier to return to a bull market.
Long Term Prediction For Decentraland , Watch Bitcoin?
Although there is considerable bullish tendency for MANA, the rise in price still depends on a number of factors. Institutional investors seem to be piling into the crypto market yet again and this positive sentiment will undoubtedly give a boost to the coin’s price.
The positive movements of both Bitcoin and Ethereum over the past days tend to also positively impact the Decentraland price as generally market watchers become more active on crypto trading platforms. In fact, when observing the recent all-time highs for MANA, these were broadly akin with Bitcoin’s price spikes and relative ATH’s. BTC is currently in a slow ascending triangle and may hit the $40,000 mark sooner rather than later with MANA’s price expected to continue rising accordingly.
A rise to the $1 mark over the next few weeks could easily see Decentraland gain the $1.60 mark yet again by the end of summer. A push to the $2 level would not be unheard of, especially if crypto market sentiment continues to turn positive.
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Gerald Fenech
