- MANA and SAND posted double-digit price gains last week.
- MANA is currently showing a CMF/price divergence indicating a price retracement.
Following a large drop in the price of several crypto assets in the market last weekend, the leading Metaverse token Decenterland (MANA) AND Sandbox (SAND) He was among the best artists of the week. by data coin market capitalization, Both assets posted double-digit gains in the past seven days.
Decentraland and The Sandbox saw an increase in user activity
according to data from dapradar, Decentraland, and The SandBox all reported an increase in user activity, albeit to varying degrees. Over the last seven days, Decentraland recorded a 14.15% increase in the number of unique active wallets interacting with the Metaverse-based project.
This resulted in a corresponding uptick in the total number of transactions made between these unique active wallets and Decentraland smart contracts. Data from DappRadar also shows that 17,450 transactions were completed last week, representing a 26.08% increase in the number of transactions.
Reading Decentraland (MANA) Price Prediction 2023-24
Additionally, as the number of transactions completed by unique active users on Decentraland increased last week, the fiat value of these transactions also increased by 131%. It ended with a 25% increase in the value of assets locked up within the Decentraland ecosystem. According to DappRadar, he was worth $23.4 million at press time.
Sandbox, on the other hand, did not register the same level of growth. During the reporting period, the number of unique active wallets interacting with the Metaverse-based game project grew by only 4%.
The number of transactions in the sandbox decreased by 6% in the last week with modest user activity. At the same time, the fiat value of completed transactions in the project increased by only 1%.
Interestingly, data from DappRadar shows that the small subset of active users on the protocol saw a 155% increase in the value of assets located within The Sandbox in just seven days.
Source: Dap Radar
Reading Sandbox (SAND) Price Prediction 2023-24
The 30% MANA jump puts you ahead, but here’s the caveat
Trading hands at $0.6392 at press time, MANA has gained 30% in value over the past seven days, data from coin market cap revealed.
Source: Coinmarketcap
An assessment of MANA’s activity on the daily chart showed a corresponding increase in buying pressure during that period. As a result, the asset’s key momentum indicators, RSI and MFI, began an uptrend and crossed their respective center lines. At the time of writing, the RSI stood at 53.56, while the MFI was stable at 63.37.
Although buying momentum may outweigh selling pressure, there is a divergence between MANA’s Chaikin Money Flow (CMF) and its IMF over the past two days. While the price of MANA went up, CMF started to go down.
When the price of an asset increases and its CMF decreases, it often indicates that the buying pressure in the market is easing, even though the price is still increasing. This can be a warning sign that the uptrend may not be sustainable, and a possible reversal or correction could be in the offing.
Source: MANA/USD, TradingView
