MANA and SAND recorded double-digit worth rallies within the final week.
MANA at present reveals 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] have been amongst the most effective performers within the week. Per information from CoinMarketCap, each property recorded double-digit positive factors within the final seven days.
Decentraland and The SandBox noticed elevated consumer exercise
In response to 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 rely of distinctive energetic wallets that interacted with the metaverse-based mission.
This resulted in a corresponding rally within the complete variety of transactions made between these distinctive energetic wallets and Decentraland’s good contracts. Knowledge from DappRadar additionally confirmed that 17,450 transactions have been accomplished within the final week, representing a 26.08% enhance in transactions rely.
Learn Decentraland [MANA] Worth 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% development within the worth of property locked throughout the Decentraland ecosystem. Per DappRadar, this was $23.4 million at press time.
Supply: DappRadar
The SandBox, then again, didn’t report the identical degree of development. Inside the interval underneath evaluation, the rely 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 rely on The SandBox fell by 6%. Additionally, the fiat worth of transactions accomplished on the mission 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, information from DappRadar confirmed.
Supply: DappRadar
Learn The Sandbox [SAND] Worth Prediction 2023-24
MANA’s 30% leap places it forward, however right here’s the caveat
Exchanging arms 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 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 may exceed promoting stress, a divergence between MANA’s Chaikin Cash Movement (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 usually means that the shopping for stress available in the market is lowering, although the value remains to be growing. This might be a warning signal that the uptrend might not be sustainable, and a possible reversal or correction may happen.
Supply: MANA/USD, TradingView
