Decentraland price fails to rally after $2.4 million sale of digital plot to Metaverse Group
- 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.
Decentraland is offering a potential entry with well-defined risk. If we view the recent consolidation as a half-mast flag then we could be targeting 8.80 on the next leg higher. $MANA pic.twitter.com/ZZVyZaZyTj
— Ian Culley (@IanCulley) November 23, 2021
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
