Decentraland starts bull rally ahead of New Year’s eve celebration at Times Square
- Decentraland would host a replica of Times Square for its New Year’s Eve party.
- The Digital Currency Group has partnered with international real estate firm Jamestown to recreate the cultural experience.
- After accumulating through the recent dip, analysts have predicted a bounce in Decentraland price.
The Digital Currency Group has plans to unveil the iconic Times Square in the Decentraland metaverse through a New Year’s Eve party. Decentraland revealed that it wants to recreate the cultural site and offer users a metaverse experience.
Decentraland price begins uptrend ahead of New Year’s Eve celebration
The Digital Currency Group (DCG) and real-estate firm Jamestown have announced the recreation of Times Square in the metaverse. Decentraland’s recreation of New Year’s at Times Square would overlap with the real-life event.
Decentraland refers to it as “MetaFest 2022,” and the venue is Estate 4. The party would offer users rooftop VIP lounges, new tokenized collectibles, wearables and live broadcasts worldwide.
Decentraland refers to the venue as “One Times Square,” teasing that the location could be dismantled after the New Year’s party is over.
@SimonHayess5178, a crypto analyst and trader, sees the Decentraland price trend. The analyst has predicted a bounce in the metaverse token’s price. @SimonHayess5178 believes that the price could break resistance at $3.77 and continue the uptrend.
It's a risk but I bought the dip. I'll watch the chart very close for a hour or 2. Will sell again if looks bad.
— Simon Hayes (@Hayess5178) December 28, 2021
I bought the dip on $dot $mana $link & $bnb. Hoping for a bounce from here. https://t.co/ei9FHvzdz1
Decentraland has posted nearly 7% gains over the past week.
Based on data from crypto intelligence platform IntoTheBlock, 73% of the wallets holding Decentraland were profitable. This implies a spike in investor interest and fuels a bullish narrative for the metaverse token’s price.
FXStreet analysts have evaluated the Decentraland price trend and predicted that the metaverse token could drop 35%. The analysts have set a target of $2 for Decentraland price.
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.
