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 $2.60, these addresses fail to turn profitable.
Analysts have evaluated the Decentraland price trend and predicted a trend reversal in the metaverse token. @cryptochimpanz, a pseudonymous cryptocurrency analyst, has spotted a bearish divergence in the 4-hour MANA/USDT price chart.
bear div on 4h$MANA pic.twitter.com/UameACsTAg
— Chimp of the North (@cryptochimpanz) January 31, 2022
@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
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
