Decentraland Price Prediction: Emerging Double Bottom Points to $1

Summary:

The Decentraland price prediction is for the double bottom pattern to cut a path toward the $1 mark when it is completed.

Bullish Decentraland price predictions may have to wait if the candlestick pattern on the daily chart is anything to go by. Attempts by the bulls to push toward the elusive $1 mark appear to have stalled after Friday’s daily candle was rejected at the 0.9234 resistance line. So far, this resistance has held off attempts by the bulls to push upward in fulfilment of bullish Decentraland price predictions.

However, there is still hope for the bulls. Though a bit non-descript at the moment, the chart pattern on the daily time frame appears to have formed a double bottom, with the 0.9234 resistance forming the neckline. This neckline must give way for the march toward $1 to take a new life of its own. This could more likely come off a support bounce following today’s rejection.

Bullish Decentraland price predictions could get a boost from the value that this Metaverse token offers. It still remains the premium marketplace for real-estate-based digital assets and remains one of the altcoins that will experience a revival when the next bull run shows up.

Decentralized Price Prediction

The rejection of the price at the 0.9234 resistance has set up the decline on the active 4-hour candle. This decline needs more momentum to target the 0.8712 support level. A breakdown of this initial target opens the door toward 0.8294. Below this level, 0.8000 forms another downside target, being psychological support and the site of the lows of 22 June. The 13 June low at 0.7415 completes the short-term targets to the south.

On the flip side, a break of the 0.9234 resistance sends the pair toward the 0.9589 price mark. Above this level, the 9 June high at 1.0000 forms a psychological price barrier. This barrier must give way if the bulls are to achieve contact with the 1.0447 price resistance, being the site of the ceiling of the former rectangle pattern. 1.1209 rounds off the near-term targets to the north.