- 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.
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.