- MANA and SAND recorded double-digit value rallies within the final week.
- MANA at present displays a CMF/value divergence that hints at a value downside.
Following final weekend’s market-wide decline in value for a number of crypto property, main metaverse tokens Decentraland [MANA] and The SandBox [SAND] had been amongst one of the best performers within the week. Per information from CoinMarketCap, each property recorded double-digit good points within the final seven days.
Decentraland and The SandBox noticed elevated consumer exercise
In accordance with information from DappRadar, Decentraland and The SandBox each recorded hikes in consumer exercise, albeit of various levels. Within the final seven days, Decentraland recorded a 14.15% hike within the depend of distinctive lively wallets that interacted with the metaverse-based venture.
This resulted in a corresponding rally within the complete variety of transactions made between these distinctive lively wallets and Decentraland’s sensible contracts. Knowledge from DappRadar additionally confirmed that 17,450 transactions had been accomplished within the final week, representing a 26.08% enhance in transactions depend.
Learn Decentraland [MANA] Worth Prediction 2023-24
Additional, because the depend of transactions accomplished by distinctive lively customers on Decentraland grew within the final week, the fiat worth of those transactions additionally went up by 131%. This culminated in a 25% progress within the worth of property locked inside the Decentraland ecosystem. Per DappRadar, this was $23.4 million at press time.
The SandBox, however, didn’t file the identical degree of progress. Throughout the interval underneath assessment, the depend of distinctive lively wallets that interacted with the metaverse-based gaming venture grew by a mere 4%.
With minor consumer exercise within the final week, transactions depend on The SandBox fell by 6%. Additionally, the fiat worth of transactions accomplished on the venture went up by simply 1%.
Apparently, the tiny subset of lively customers on the protocol initiated a 155% soar within the worth of property housed inside The SandBox in simply seven days, information from DappRadar confirmed.
Learn The Sandbox [SAND] Worth Prediction 2023-24
MANA’s 30% soar places it forward, however right here’s the caveat
Exchanging fingers at $0.6392 at press time, MANA’s worth jumped by 30% within the final seven days, information from CoinMarketCap revealed.
An evaluation of MANA’s motion on a every day chart confirmed a corresponding rally in shopping for strain throughout that interval. In consequence, the asset’s key momentum indicators RSI and MFI, launched into an uptrend and crossed their respective centerlines. As of this writing, the RSI was at 53.56, whereas the MFI remained pegged at 63.37.
Nonetheless, whereas the shopping for momentum would possibly exceed promoting strain, a divergence between MANA’s Chaikin Cash Circulate (CMF) and its MFI has existed prior to now two days. Whereas MANA’s value grew, the CMF initiated a downtrend.
When an asset’s value rallies whereas its CMF dwindles, it typically means that the shopping for strain out there is reducing, although the value remains to be rising. This could possibly be a warning signal that the uptrend will not be sustainable, and a possible reversal or correction may happen.