For a fourth consecutive trading session, Decentraland is gaining in the markets and is already up by almost two per cent. The four-day price surge has also seen the price return to trade above the $1 price level.
The world of the metaverse has continued to gain traction in the past few years. Before Facebook rebranded to Meta and announced its intentions of moving towards the metaverse as a platform, Decentraland was already among the best performing platforms, allowing users to buy virtual land and properties and interact virtually on their own platform.
Unsurprisingly, the platform has also gained traction with companies and big brands, who have also seen the power of the Decentraland platform. For instance, companies such as Atari, Samsung, PricewaterhouseCoopers, Prager Metis, and Adidas have also acquired virtual properties in Decentraland. In addition, the platform has also gotten into multiple partnerships, such as with licencing platform Lickd, allowing Decentraland to enter the music industry.
Unfortunately, even with these partnerships, Decentraland has struggled for almost the entire year, with the year-to-date data showing a drop of 70 per cent. July, with a gain of 12 per cent, has also been the best performing month of Decentraland, with most of these gains coming in the past four trading sessions.
Decentraland price prediction
Looking at the chart below, there is a high likelihood that the current surge will continue for the next few trading sessions. I expect the prices to hit the upper trendline of the channel. There is also a high likelihood that we will see prices hit and trade above the $1.1 price level.
The chart below also shows the current upward move may be long-term. Looking at the Williams Alligator, which shows a trend reversal to the upside, it is possible that we may get into August with MANA in a strong and aggressive bull move. My analysis will be invalidated only if the prices drop below this week’s price low of $0.84. At that point, a bearish move will be the most likely outcome.