• MANA hit a new all-time high at $5.85 recently after the sale of the digital plot of land to Metaverse Group. 
  • Analysts are bullish on MANA price and expect the altcoin to continue outperforming even if the market consolidates. 
  • MANA price has posted nearly 40% gains over the past two weeks, competing with blockchain gaming tokens like Axie Infinity. 
  • A mysterious whale moved 9 million MANA to an unknown wallet address, implying a spike in interest in the token. 

Decentraland price hit a new all-time high two days ago. However, the metaverse token’s price plunged and failed to recover after selling the digital plot to Tokens.com. Analysts are bullish on Decentraland and expect a trend reversal. 

Analysts are bullish on a trend reversal in Decentraland price 

Decentraland price hit an all-time high at $5.85 in the metaverse token rally. The metaverse token’s price subsequently plunged, dropping nearly 25% from its all-time high within two days. 

The Metaverse Group, a real-estate company, focused on digital plots of land, spent $2.43 million on virtual real estate in Decentraland. The firm paid twice the asking price for the digital real estate. 

Despite a peak in interest from investors, Decentraland price has failed to recover from the drop. After posting 40% gains in the past two weeks, the metaverse token is struggling to make a comeback. 

Axie Infinity, a competitor in the blockchain gaming and metaverse ecosystem, witnessed a massive spike in price after the sale of its digital real estate. Proponents expected a similar turn of events in Decentraland; however, native asset MANA is nearly 25% away from its all-time high. 

Whale movements are indicative of a rise in interest from traders. A mysterious MANA whale recently moved 9 million tokens worth $40.3 million to an unknown wallet address. This is indicative of interest in the token. 

Ian Culley, a cryptocurrency analyst, evaluated the Decentraland price trend and set a target of $8.80 for the next leg up. 

Michaël van de Poppe, a cryptocurrency analyst and YouTuber, predicted that the MANA price could drop to $3.20 and present opportunities for long-term trades. The analyst recommends looking for scalping opportunities and expects Decentraland price to recover. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple does not stand a chance against SEC, affirms former securities regulator

Ripple does not stand a chance against SEC, affirms former securities regulator

Former Chief Robert Cohen believes the Securities & Exchange Commission's (SEC) ’s case against payment giant Ripple is key, however the outcome may not be as significant. The regulator is likely to file a motion for reconsideration on losing the case against Ripple. 

More Ripple News

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano price is at a point in its journey where things could go either way. As ADA consolidates above a stable support level, things could turn ugly if it breaks or bullish if it bounces. Therefore, investors need to be careful with their decision.

More Cardano News

Why this boring phase of LUNA price will result in handsome returns

Why this boring phase of LUNA price will result in handsome returns

LUNA price has been consolidating tightly since June 30, after undoing the gains seen over the previous week. This small range, suggests that an explosive move is around the corner, although the direction of a breakout remains to be seen.

More Terra News

Argentines take refuge in stablecoins after economy minister resignation

Argentines take refuge in stablecoins after economy minister resignation

Following the resignation Saturday of Argentina's economy minister Martin Guzmán amid an economic crisis, Argentines purchased between two and three times as many stablecoins as they do on a typical weekend, crypto companies in the country told CoinDesk.

More Cryptocurrencies News

Bitcoin: This support level can define BTC’s fate

Bitcoin: This support level can define BTC’s fate

Bitcoin price ended Q2 with a -56% return, which is the first in its 11-year history. On-chain metrics hint at bottom formation but technicals reveal more room to the downside. Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached. 

Read full analysis

BTC

ETH

XRP