|

Experts believe Decentraland price could meet resistance with end of Australian Open

  • Decentraland celebrated the close of the Australian Open with a party in the metaverse earlier today. 
  • Decentraland price has started an uptrend and posted 21% gains over the past week. 
  • Analysts have predicted Decentraland price could meet resistance on its path to the $2.70 target. 

Decentraland is celebrating the Australian Open's close in its metaverse. Analysts believe that Decentraland price could meet resistance at $2.60 as the metaverse token eyes a $2.70 target. 

Decentraland price continues uptrend to $2.70

Decentraland’s 3-D virtual platform is hosting a closing party today, January 31, 2022, for the Australian Open tennis tournament. The metaverse token has posted 21% gains over the past week. 

The utility token of the Ethereum-based metaverse game recovered from the crypto market bloodbath and started an uptrend last week.

Analysts believe that the metaverse token could face stiff resistance ahead. Based on data from the crypto platform IntoTheBlock, 7 million addresses purchased Decentraland's native token and are currently underwater. Until Decentraland price crosses $2.60, these addresses fail to turn profitable. 

Analysts have evaluated the Decentraland price trend and predicted a trend reversal in the metaverse token. @cryptochimpanz, a pseudonymous cryptocurrency analyst, has spotted a bearish divergence in the 4-hour MANA/USDT price chart. 

@BitBitCrypto, an analyst and trader, believes that metaverse tokens like Decentraland have capitulated. The analyst has predicted a continuation of the Decentraland price uptrend. 

Analysts at the YouTube channel Crypto Dubai believe that Decentraland price could target $3 in its uptrend. The $3 target could act as resistance for the metaverse token's price. 

FXStreet analysts have predicted that the Decentraland price rally could extend. The metaverse token's price has crossed $2.50 at press time. According to analysts, the 3-D virtual world's token could break past its resistance and continue the uptrend. 

Author

Ekta Mourya

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.

More from Ekta Mourya
Share:

Editor's Picks

Ripple eyes $1.50 breakout despite softening on-chain activity

XRP remains elevated near $1.45 after a sharp spike from the weekly low of $1.31. XRP retains a neutral-to-bullish technical outlook, supported by the RSI and uptrending moving averages.

Zcash Price Forecast: Rally hits nine-year high above $1,000 amid growing shielded demand

Zcash trades above $1,000 on Friday, building on its 16% gain from the previous day. On-chain data show a steady increase in shielded supply to 4.86 million ZEC tokens, pointing to growing demand for privacy.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast.

Crypto Today: Bitcoin, Ethereum, XRP recovery takes a breather amid capital inflows

Bitcoin corrects lower toward $80,000 after testing highs at $81,269, supported by $731 million in ETF inflows. Ethereum bulls push to regain momentum, with $2,500 providing immediate support.

Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.