- MANA and SAND recorded double-digit worth rallies within the final week.
- MANA at the moment displays a CMF/worth divergence that hints at a worth disadvantage.
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 perfect 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 keeping 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 energetic wallets that interacted with the metaverse-based mission.
This resulted in a corresponding rally within the whole variety of transactions made between these distinctive energetic 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% improve in transactions depend.
Learn Decentraland [MANA] Worth Prediction 2023-24
Additional, because the depend of transactions accomplished by distinctive energetic customers on Decentraland grew within the final week, the fiat worth of those transactions additionally went up by 131%. This culminated in a 25% development within the worth of property locked inside the Decentraland ecosystem. Per DappRadar, this was $23.4 million at press time.
Supply: DappRadar
The SandBox, then again, didn’t document the identical stage of development. Inside the interval underneath evaluate, the depend of distinctive energetic wallets that interacted with the metaverse-based gaming mission 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 mission went up by simply 1%.
Curiously, the tiny subset of energetic customers on the protocol initiated a 155% bounce within the worth of property housed inside The SandBox in simply seven days, information from DappRadar confirmed.
Supply: DappRadar
Learn The Sandbox [SAND] Worth Prediction 2023-24
MANA’s 30% bounce 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.
Supply: CoinMarketCap
An evaluation of MANA’s motion on a each 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.
Nevertheless, whereas the shopping for momentum would possibly exceed promoting strain, a divergence between MANA’s Chaikin Cash Move (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 strain available in the market is reducing, although the worth continues to be growing. This may very well be a warning signal that the uptrend might not be sustainable, and a possible reversal or correction might happen.
Supply: MANA/USD, TradingView
