Decentraland Price Prediction: Lower Volumes May Lead to Consolidation

Following a massive surge that led to the MANA/USDT pair gaining more than 400% in a day, the Decentraland price prediction is for prices to trade in a sideways range until additional momentum enters the market.

The rebranding of Facebook to Meta triggered Decentraland’s massive surge as interest in Metaverse-themed cryptos spiked. Decentraland is a crypto-gaming token that focuses on gaming within the context of a virtual social world. A recent tweet showed a virtual poker lounge filled with players, which typifies the essence of Decentraland.

Prices have cooled after a round of profit-taking, leading to a sideways trend as price seeks a new direction. At the moment, Decentraland is trading 2.15% higher after giving up intraday gains. 

Decentraland Price Prediction

The 2.9989 price level (50% Fibonacci retracement level) serves as immediate support. If the price action bounces from this level, the next target would be the 3.4614 resistance (38.2% Fibonacci retracement mark). Only when the price breaks this point will 4.0335 and the all-time high at 4.9584 come into the picture as new upside targets.

On the other hand, a breakdown of 2.9989 opens the door towards the 2.5365 price mark. This is the 61.8% Fibonacci retracement level. This barrier stands between the bears and the downside targets at 1.8781 (78.6% Fibonacci retracement) and 1.5021).

There is also the possibility that price may trade within the range formed by the 2.9989 downside boundary and the 3.4614 resistance until either side of the market participation initiates a break.

MANA/USDT: Daily Chart

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