The uptick of the day seen on the MANA/USDT pair has not done much to make new Decentraland price predictions tilt in the bullish direction. The pair is up 0.64% and is on course to end the day higher for the second session in a row. However, these gains are yet to send the MANA/USDT pair into positive territory for the week, which does little to sway the current Decentraland price predictions.
The recent uptick comes as the metaverse-themed token starts to receive new players into its metaverse hub. Crypto bank Sagnum has agreed to open its metaverse hub on the Decentraland platform. This hub will be inaugurated on the virtual counterpart of New York’s Times Square.
Sygnum says this hub will allow it to showcase its Web 3.0 innovations. Decentraland had recently become the preferred metaverse site for the display of Frida Kahlo’s artwork. The artwork will be permanently displayed in a dedicated space on Decentraland’s metaverse.
From a technical analysis standpoint, the stall of the downside moves at the 6 September low marks the completion of the bearish continuation from the breakdown of the rising wedge pattern. The bounce is yet to gain sufficient traction, keeping the MANA/USDT range-bound. The resolution of this range will determine the direction of the new Decentraland price predictions.
The uptick of the last two days keeps the MANA/USDT pair in a range bordered by 0.8114 (ceiling) and 0.7313 (floor). A continued advance requires the bulls to break the ceiling (20 August low and 6 September high), opening the door toward the 0.8712 price mark (11/16 July highs).
Above this level, targets lie at 0.9234 (9 July and 19 August highs) and 0.9589 (8 July high and 17 August low). A push further north brings in parity, with 1.0477 (31 July high and 11 August low) serving as the specific rendezvous point for the bulls.
On the flip side, the bearish outlook is activated if the bears force a breakdown of the range’s floor at 0.7313 (6 September low). This prompts a downside move that meets its first opposition at 0.6323 (12 May 2022 low).
If the bulls fail to defend this price mark, 0.5986 (21 September 2021 low) becomes the new downside target. A further price deterioration allows 0.4910 (21 July 2021 low) to become a new harvest point for the bears before the 26 June 2021 low at 0.4360 emerges as a future southbound target for the bears.
This post was last modified on Sep 08, 2022, 13:17 BST 13:17