Cryptocurrencies Price Prediction: Decentraland, Monero & Crypto – European Wrap 23 January

Decentraland price forecast: MANA extends gains as open interest rises to a 3-month high

Decentraland (MANA) extends gains, trading at $0.173 at the time of writing on Friday after rallying more than 13% so far this week. On-chain and derivatives data back this rally as Open Interest (OI) hit a 3-month high alongside rising daily active addresses and trading volume. On the technical side, bulls are in control of the momentum, which could push MANA to higher levels.

Monero price forecast: XMR bulls aim for a rebound as retail demand increases

Monero (XMR) hovers above $500 at press time on Friday, with the 50-day Exponential Moving Average (EMA) providing dynamic support. An increase in XMR futures Open Interest and the long-side positional buildup suggest renewed demand among traders anticipating a rebound. Still, the technical outlook for Monero remains mixed near $500 as momentum indicators flash bearish bias. 

Crypto: On the sidelines of optimism

The total capitalisation of the crypto market has changed little over the past two days, fluctuating mainly just above the $3T level. The crypto market remains largely on the sidelines of the positive dynamics in stocks and metals. This apathy in the face of good news in recent months goes hand in hand with complete sympathy when adverse events occur. If we assume that a bear market begins not with a 20% decline from its peak, but first in the minds of investors, then this shift seems to have occurred in October.