Decentraland prices continue to make gains in the market, with today’s trading session seeing prices rise by 2 per cent. The session is also continuing a strong bullish move that started three days ago and has increased the price of the crypto by 15 per cent.
Why Decentraland May Recover Soon
Throughout the year, Decentraland has been among the most aggressively bearish cryptocurrencies. In June, it lost 18 per cent, and in May, it was down by 24 per cent. However, despite the drop, July has started to show signs that Decentraland may be on its way to recovery.
In the early days of the month, Decentraland dropped aggressively downwards and hit a price loss of 12 per cent. However, in the past few trading sessions, there have been signals that the crypto has been recovering. At press time, Decentraland has almost recovered, and it is down by less than two per cent for the month.
Part of the reason I remain bullish on the crypto is due to its continued innovation and partnerships in the industry. For instance, in the past few weeks, the platform has partnered with companies and platforms such as:
Lickd, is a platform that allows content creators to use music, which will see it provide music to Decentalands Vegas City.
RLTY, a partnership that will see the platform bring its three-day Los Angeles-based NFT exhibition to the metaverse.
Unilever is also considering launching on the platform to increase its brand reach in the metaverse.
There are also many other platforms that Decentland has partnered with or have invested in the metaverse. Although these collaborations and partnerships, among others not listed, have not impacted the markets so far, are likely to see a quick recovery for the crypto once the current bearish crypto industry phase ends. They also highlight the utility of the platform and its future.
Decentraland Price Prediction
With the current push to the upside, there is a high likelihood that we are on the verge of a price recovery. Therefore, I expect the prices to continue going up, with a high likelihood that it will hit and trade above the $1 psychological level.
There is also a high likelihood that the current bullish trend will see the prices push up and trade above the $1.35 resistance level. A reversal will have been confirmed at this point, and trading above $1.50 will be the next price level. My analysis will be invalidated if prices fall back and trade below the $0.75 price level, which is near the weekly price low.