Decentraland price is up by 4 percent in today’s trading session. The surge in price comes a day after prices almost hit the upper trend line of the ascending channel and dropped by 6 percent.
Decentraland has been in the news recently for all the right reasons, including this week’s entrance of Netflix on the platform. According to the latest reports, Netflix launched maze based on its latest film, “The Gray Man,” starring Ryan Gosling. The partnership is an indication of the potential of Decentraland and its real-world application.
Looking at the chart below, the MANA price has been trading within the ascending channel. During that time, the price increased by 38 percent to the current $1.02. With Decentraland price hitting the upper trend line of the ascending channel during yesterday’s trading session and dropping by 6 percent, the bearish trend was expected to continue today.
However, despite starting aggressively bearish today and at one point being down by 2 percent, the intraday trading has seen prices surging to trade 4 percent above the opening price. There is a high likelihood that the current push to the upside we have seen in the past few hours will continue throughout the session.
In the next few trading sessions, there is also a high likelihood we will see Decentraland hitting the upper trend line of the ascending channel. I also expect the prices to hit and trade above August’s price high of $1.11 price level.
It is also likely that, in the long term, we will see prices hitting the $1.35 price level and possibly $1.5 psychological level in the next few trading sessions. However, should the price of Decentraland trade below this week’s price low of $0.99, then my analysis will be invalidated. It will also mean a likely bearish trend is poised to start.
This post was last modified on Aug 10, 2022, 15:38 BST 15:38