Decentraland price recovery has hit a snag despite earlier signs that prices were reversing. In today’s trading session, the prices are already down by a percentage point. The current downward trend is also extending yesterday’s six per cent price loss.
This month has been among the roughest for Decentraland, where at one point, MANA was trading more than half below the monthly opening price. However, signs of recovery had started to emerge, including a 44 per cent price increase on May 13. This was followed by another huge price surge of 30 per cent the following day. However, the aggressive bullish move of decentraland quickly ended, and a new bearish move began.
However, despite the recent market underperformance, Decentraland remains the market leader in metaverses. Their latest linked wearables are also proving to be popular with their userbase. The past few months have also seen most companies moving to Decentraland. Even for those with plans to start their venture in the metaverses, their number one choice has remained Decentraland. Therefore, it is highly likely that we will see a recovery of the crypto in the next coming weeks or months.
Decentraland Price Prediction
Despite recent signs of a resurgence, Decentraland has struggled for the past few days. The result is a price drop of 24 per cent last week. In today’s trading session, the prices are also showing signs of price loss in the markets.
Looking at the chart below, we can see the prices have been in a long-term bearish move. This move has caused the cryptocurrency to drop by 30 per cent for the month and 69 per cent year to date. However, the last few days have shown that MANA is still in a long-term bearish move. It is highly likely that we will see prices trading at the $0.63 support level again. It is also highly likely that the current trend will push the prices to trade below the support level.
However, should the prices close today’s trading session above $1.1, then my trade analysis will be invalidated. It will also mean the markets have entered a bullish trend, and the current drop is a market correction.