- Decentraland and other metaverse tokens like Enjin and SAND soared on Monday.
- Apple will host its WWDC event on Monday and unveil its virtual reality device.
- Investors believe that metaverse tokens will do well just as AI tokens soared this year.
Decentraland MANA price continued its recovery as investors waited for the upcoming key event by Apple. MANA token jumped to a high of $0.5388, the highest level since May 6th this year. It has jumped by more than 22% from the lowest level this year.
Apple to venture into the metaverse
Apple is on track to become the first $3 trillion company as its stock’s rally continues. The company has done well even after not releasing a major mainstream product for almost ten years. Its most notable hardware product was the Apple Watch.
Now, Apple is expected to launch its next big thing during the WWDC event on Monday. According to the WSJ, the company is set to launch its much anticipated virtual reality set that it has been building in the past seven years. The device will retail for $3,000 and will be fully integrated with Apple’s ecosystem.
Therefore, Decentraland’s MANA and other metaverse tokens like Enjin, Sandbox, and Axie Infinity jumped because investors anticipate that Apple will take the metaverse mainstream. In the past, companies like Microsoft and Facebook have been unable to push their virtual reality products mainstream.
Apple, on the other hand, is known for breaking boundaries. For example, its iPhone product made smartphones cool while Apple Watch disrupted the watch industry.
Read more: How to buy Decentraland.
Apple’s virtual reality will not have anything to do with Decentraland. However, investors believe that metaverse tokens will do well just as AI tokens like Fetch AI and SingularityNET soared because of the artificial intelligence hype.
Still, as I wrote in this article, Decentraland’s fundamentals have been a bit weak in the past few years as the number of users in its ecosystem have dropped. Data compiled by DappRadar shows that Decentraland had 1.71k unique active wallets in the past 30 days and handled 38.97k transactions.
MANA price prediction
The 4H chart shows that the MANA price has been in a strong bullish trend in the past few days. This rally started when the coin settled at $0.4364 on May 12. The coin jumped above the 25-day and 50-day exponential moving averages (EMA) have made a bullish crossover pattern.
MANA also moved slightly above the important resistance point at $0.5310, the highest point on May 17th. It is also hovering at the 38.2% retracement level. Therefore, there is a likelihood that the token will continue rising as buyers target the 50$ retracement point at $0.5676.
