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Decentraland Price Prediction: Is it Stuck at $1?

In today’s trading session, the Decentraland price (MANA) is up by 2%. The price gain is partly due to the current surge in trading volume. In the past 24 hours, Decentraland has recorded an 18 per cent increase in its trading volume, bringing the total amount traded to $267 million.

Other data points also point to growing traction with the cryptocurrency. According to Whalestats, a website that tracks what big cryptocurrency holders are buying, Decentraland is currently the most held token by these whales. The data also shows that, in the past 24 hours, whales have continued accumulating the token, which may be resulting in the current 18 per cent surge in cryptocurrency trading volume. 

The growth of Decentraland to the upside has not just been fueled by whales buying into the project. The latest development has also been massive in bringing in new investors. This week, for instance, reports indicate that Decentraland announced the world’s first metaverse ATM. The reports indicate the platform has partnered with  Transak payment gateway and Metaverse Architects studio to allow its users to purchase Mana or any cryptocurrency on the platform. Using ATMs on the platform is a game changer and will give users a great user experience, according to its developers. The development of ATMs on the Decentraland is great because investors will look at new products being released by the platform and gain confidence in the platform, resulting in more investments. 

Decentraland Price Prediction

Even with investments and growth of the platform, Decentraland looks stuck in trading at around the $1 mark. For more than a month now, despite trading within an ascending channel, the prices have failed to establish an aggressive push to the upside or downwards and have traded, in what many would call, a sideways market. 

Looking at today’s price action on the daily chart, my Decentraland price analysis indicates the prices will continue to trade within the ascending channel but with no volatility. Therefore, I expect the prices to continue trading at around $1 in the next few trading sessions. Traders looking to go long on this need to take caution that, despite it being on an ascending channel, the prices are moving slowly and almost in a sideways market fashion, and this might continue. Therefore, they should not expect growth in their investments. 

However, should the prices trade above the upper or lower trend lines, a new trend will start. On the other hand, if it breaks the upper trend line, then the trend will be bullish, and my sideways continuation analysis will be invalidated. 

Decentraland Daily Chart