- MANA and SAND recorded double-digit worth rallies within the final week.
- MANA presently displays a CMF/worth divergence that hints at a worth downside.
Following final weekend’s market-wide decline in worth for a number of crypto property, main metaverse tokens Decentraland [MANA] and The SandBox [SAND] had been amongst the most effective performers within the week. Per knowledge from CoinMarketCap, each property recorded double-digit beneficial properties within the final seven days.
Decentraland and The SandBox noticed elevated person exercise
In response to knowledge from DappRadar, Decentraland and The SandBox each recorded hikes in person exercise, albeit of various levels. Within the final seven days, Decentraland recorded a 14.15% hike within the rely of distinctive lively wallets that interacted with the metaverse-based venture.
This resulted in a corresponding rally within the whole variety of transactions made between these distinctive lively wallets and Decentraland’s good contracts. Knowledge from DappRadar additionally confirmed that 17,450 transactions had been accomplished within the final week, representing a 26.08% improve in transactions rely.
Learn Decentraland [MANA] Value Prediction 2023-24
Additional, because the rely 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 throughout the Decentraland ecosystem. Per DappRadar, this was $23.4 million at press time.
The SandBox, alternatively, didn’t document the identical stage of progress. Inside the interval beneath evaluate, the rely of distinctive lively wallets that interacted with the metaverse-based gaming venture grew by a mere 4%.
With minor person exercise within the final week, transactions rely on The SandBox fell by 6%. Additionally, the fiat worth of transactions accomplished on the venture went up by simply 1%.
Curiously, the tiny subset of lively customers on the protocol initiated a 155% bounce within the worth of property housed inside The SandBox in simply seven days, knowledge from DappRadar confirmed.
Learn The Sandbox [SAND] Value Prediction 2023-24
MANA’s 30% bounce places it forward, however right here’s the caveat
Exchanging palms at $0.6392 at press time, MANA’s worth jumped by 30% within the final seven days, knowledge from CoinMarketCap revealed.
An evaluation of MANA’s motion on a day by day chart confirmed a corresponding rally in shopping for stress 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.
Nevertheless, whereas the shopping for momentum would possibly exceed promoting stress, a divergence between MANA’s Chaikin Cash Circulate (CMF) and its MFI has existed prior to now two days. Whereas MANA’s worth grew, the CMF initiated a downtrend.
When an asset’s worth rallies whereas its CMF dwindles, it typically means that the shopping for stress out there is lowering, though the worth remains to be growing. This may very well be a warning signal that the uptrend might not be sustainable, and a possible reversal or correction may happen.