- MANA and SAND recorded double-digit value rallies within the final week.
- MANA at the moment displays a CMF/value divergence that hints at a value disadvantage.
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 knowledge from CoinMarketCap, each property recorded double-digit positive factors 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 energetic wallets that interacted with the metaverse-based venture.
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% enhance in transactions rely.
Learn Decentraland [MANA] Value Prediction 2023-24
Additional, because the rely 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% progress 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 report the identical stage of progress. Throughout the interval beneath evaluate, the rely of distinctive energetic 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%.
Apparently, the tiny subset of energetic customers on the protocol initiated a 155% leap within the worth of property housed inside The SandBox in simply seven days, knowledge from DappRadar confirmed.
Supply: DappRadar
Learn The Sandbox [SAND] Value Prediction 2023-24
MANA’s 30% leap 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.
Supply: CoinMarketCap
An evaluation of MANA’s motion on a every 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.
Nonetheless, whereas the shopping for momentum would possibly exceed promoting stress, a divergence between MANA’s Chaikin Cash Move (CMF) and its MFI has existed up 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 usually means that the shopping for stress available in the market is reducing, though the value continues to be growing. This may very well be a warning signal that the uptrend is probably not sustainable, and a possible reversal or correction may happen.
Supply: MANA/USD, TradingView
