The Decentraland price has jumped in the past two straight days as investors continue betting on the metaverse. MANA, its token, is trading at $2.95, which is about 33% above its lowest level this week. It has a market cap of more than $5.2 billion.
The metaverse bet
Decentraland is a relatively unique blockchain project that is at the intersection of gaming and non-fungible tokens (NFT). These are two of the fastest-growing sub-sectors of the blockchain industry. It is also one of the best-known platforms for the metaverse.
Decentraland is a platform that enables people to buy virtual land and other assets. In the past few months, the price of land in its ecosystem has jumped sharply. At the same time, people can create and sell items like avatars and estates in form of NFTs.
The metaverse industry gained popularity a few weeks ago when Facebook unveiled its new name, Meta Platform. The company believes that this industry is its future. Microsoft has also unveiled its plans for the metaverse industry. So, what next for the Decentraland price?
Decentraland price prediction
The daily chart shows that the Decentraland price jumped to an all-time high of $5 this month. This was a spectacular rally since it was about 600% above where it started the month at. The price then crashed by about 55% to a low of $2.20. Now, the MANA price is attempting to bounce back. It has risen by more than 35% from its lowest level last week.
The coin is still being supported by the 25-day and 50-day moving averages. It has also found a substantial support at the $2.20 level.
Therefore, in the immediate near term, there is a likelihood that the MANA price will keep rising as investors attempt to test the all-time high of $5. However, rising to this level will not be easy, It will only be confirmed if the price moves above the psychological level at $4.
On the other hand, a drop below the support at $2.20 will signal that there are still some sellers left in the sidelines.