Decentraland’s Price Soars 73%, Aussie Open Partnership Boosts Growth Prospects

• Decentraland (MANA) has recorded a strong performance over the past week, growing 73% to $0.7090 at the time of press.
• The total crypto market cap has grown substantially, adding $156 billion to set off a spike in token prices across the board.
• Decentraland has been trending higher since hitting a local bottom of $0.2858 on December 2022, culminating in a peak price just below the pre-FTX collapse level today (Jan. 16).

Cryptocurrency project Decentraland (MANA) has experienced a strong performance over the past week, with its price increasing 73% to $0.7090 at the time of press. This marks a significant recovery from its pre-FTX collapse level of $0.7137. The market sentiment has been buoyed by the total crypto market cap adding $156 billion and setting off a spike in token prices across the board.

Decentraland’s price has been trending higher since hitting a local bottom of $0.2858 on December 2022. On Jan. 13, the price swung 34% to the upside before closing the day marginally lower. Subsequent days have all resulted in significant upside swings, culminating in a peak price just below the pre-FTX collapse level today (Jan. 16).

Even with the strong performance, Jan. 16’s daily candle pattern has printed a small candle body with a long top and bottom wick, indicating market indecision at the current price. Furthermore, the limited data set does not yet confirm an end to this bear cycle, leaving the year ahead uncertain.

The strong performance of Decentraland has been further bolstered by its partnership with the Australian Open and strong GitHub activity. The partnership with the Australian Open is intended to provide new virtual experiences for fans and participants of the tournament. As for the GitHub activity, Decentraland’s development team has been continuously pushing out updates to the project’s codebase, indicating a strong commitment to the project.

Overall, Decentraland has recorded an impressive performance over the past week and looks to be in a strong position to weather out the bear cycle and continue to grow in the future. With the strong activity on its GitHub, the partnership with the Australian Open, and the potential for further price growth, Decentraland is definitely one to watch in the coming year.