September has been a month of mixed fortunes for Decentraland price, after starting strongly with prices surging by 7 per cent and reaching a $0.83 monthly price high. However, in the past few weeks, the bullish trend reversed, which saw Decentraland price dropping by 20 per cent from its September price high to trade at the $0.669 monthly price low.
Since hitting the price low on September 21, Decentraland’s price has failed to establish a trend and instead entered a choppy market. Since then, Decentraland has traded within the ranges of $0.669 and $0.73. At press time, the prices are currently trading at $0.69 after having dropped less than a percentage point.
Unsurprisingly, the current trend of Decentraland has been in tandem with the general trend of the cryptocurrency industry. In the past few trading sessions, the industry’s market capitalization has been below the $1 trillion level.
During that time, market capitalization has hovered between $900 million and $950 million, which has created what appears to be a horizontal trend movement in the industry. Other major coins, such as Bitcoin, have also traded in tandem with the general cryptocurrency industry trend due to the significant correlation they impact on the industry.
Decentraland Price Prediction
As seen above, Decentraland has been in a horizontal trend for more than a week. Today, with prices looking likely to reverse gains made during yesterday’s trading session, I expect the horizontal markets to continue, with a possible bullish move in the coming sessions that will wipe out losses made in today’s drop.
Therefore, my long-term Decentrand price prediction expects the prices to continue trading within a tight range. I also expect prices to continue trading within the current descending channel, with a possible future drop that will touch the lower trend line of the channel.
For now, I do not expect either a bullish or a bearish trend formation, especially since the entire industry is also in a sideways market. However, prices moving out of the current descending channel and trading below $0.64 or $0.75 will be an indication of a bear or a bullish move, respectively. It will also invalidate my sideways trend analysis.
Decentraland Daily chart
