Decentraland prize forecast for 2021

Mana benefited enormously from the NFT mania of this cycle, but can it still thrive under Bear conditions?

Decentraland has recently caused a sensation in the world of cryptocurrency and created a virtual world in which users can experience, display and demonstrate their NFTs. NFTS are not fungal tokens - unique tokens that contain works of art, playing, music and more.

The native token from Decentraland is Mana, which drives the virtual network of Decentraland. This powerful and innovative project has already attracted a lot of attention, so in this article we will evaluate the commercial prospects of Decentraland for June and the rest of the year 2021.

Current Decentraland Prize

The Decentraland token Mana is currently trading in the region of $ 0.75 after reaching a maximum of $ 1.64 at the beginning of this year. Although Decentraland has experienced a correction, it was still dramatically gained in value in 2021, and investors have achieved returns of over 800% since the beginning of the year. Early investors did even better when Mana changed hands for just five cents in November 2020 - a little more than six months ago.

It will be interesting to see whether Decentraland will continue in a small bear market or whether its prospects will be bullish in the near future. There are a number of problems that will affect it, including macroeconomic forecasts. Low interest rates have made risky systems such as Mana very attractive for investors.

Source: Münzbasis

This should be bullish for Decentraland, while some technical analysts believe that the token has also created a fundamental basis at its current price and is ready to climb again after the latest correction.

Decentraland price forecast

NFTS are an exciting concept that changes the functioning of cryptocurrencies. First, NFT tokens enable the unchangeable possession and the efficient sale of collector's pieces in gaming. At a time when platforms such as Twitch experience a massive explosion of interest, this is enormous and means that Decentraland can be involved in a variety of different shops and activities. With NFTS it is even possible that players will create in-game currencies that are then sold to other users.

However, this is not the only application for Decentraland and other NFT tokens. NFT is already revolutionizing the world of arts and enables artists to sell digital art directly to buyers without an intermediary. NFT also has applications in identity management, since the storage of identities on the blockchain offers an unimaginable level of security and protection.

Decentraland can also be used in real estate and supply chains to improve and validate processes. This large number of applications are extremely positive for a number of NFT tokens and has led to two obvious market trends. First, many of the NFT tokens gained value in 2021, and this definitely applies to Decentraland.

Source: Münzbasis

Regardless of the validity of this prediction, it is clear that Decentraland, based on the predictions for NFT tokens, should have an extremely shiny future. Other blockchain networks such as Tron, Neo and EOS are also expanding NFT token standards, and it is clear that the technology will have a major impact on the future direction of cryptocurrencies.

It is the variety of Decentraland as a platform that creates a convincing argument for the future. Players, investors and collectors flock to the NFT market in droves, both for practical reasons and because they believe that considerable profits will be likely in the future.

nft tokens have triggered some controversy in the cryptocurrency room, with some purists claim that their non-fungal nature means that they are not real crypto tokens. This is a legitimate argument, but the fact that the NFT revolution contributes to changing a variety of sectors, including art, music, sports collectors and video games, makes the prospects for projects such as Decentraland appear extremely rosy.

Decentraland Price Discovery in June

Decentraland is one of the cryptocurrencies that are in an upward trend, even though it has recently lost value. In fact, Decentraland and other cryptos have exceeded practically any investment class or investment in the past 18 months, even if their behavior was a little volatile.

This is always a certain risk associated with cryptocurrencies, and known to be somewhat more unpredictable than other investments. But given the increase in the Mana Prize, the token is certainly an excellent investment in 2021.

An upswing in the prospects of Decentraland is now emerging because the price of the cryptocurrency stabilizes at a constant level. Technical analysts have highlighted a bullish divergence of the moving average convergence, indicating that more buyers will soon enter the market. This increases the trading volume, which can only be positive for the token.

Source: Tradingview

As the above graphic shows, Mana is currently in the middle of a wedge formation that will reach its peak in mid -June. In view of the general mood upturn on the market - the comments by Elon Musk are slowly becoming a whisper and Bitcoin has received many interest bullies - and the slowly recovering RSI seems to be very possible.

Obvious price targets for June are therefore the former resistance/support regions found at the psychological level of USD 1 and USD 1.50. If the long-term trend line (which represents the lower part of the wedge), the $ 1 mark could return to support before the end of June. If the market mood is reversed and the bull market is completely resumed, the next Fibonacci goal is <76 USD