- MANA saw its biggest transaction during the February 20 trading session.
- The reading on the price chart suggests that the MANA price may see further decline.
In a significant development for the leading metaverse-based token Decenterland (MANA)The largest transaction ever made on their network took place during the intraday trading session on February 20.
How much they cost 1, 10, 100 mana value?
According to on-chain data provider Sentiment, 256.31 million MANA tokens were removed from known whale addresses.
🐳 #descentraland Had one of the largest transactions on their network today with 256.31M $mind A known whale moved out of range. The move was valued at $190.2 million. Usually, these massive trades herald price swings in a new direction. pic.twitter.com/AVKKtT6lNV
— Feeling (@santimentfeed) February 20, 2023
Will the price of MANA sink or float?
Large transactions of this nature often herald significant price swings in a new direction. In response to the huge trading volume, the MANA price increased by 2% in the last 24 hours and the trading volume increased by almost 20% during the same period.
Looking at the daily chart, there were signs that the altcoin might be seeing a drop in price.
After several weeks of price rally, a look at the coin’s moving average convergence/divergence (MACD) shows that a new bear cycle began in early February. The MANA price peaked at $0.83 on February 2 and has declined 12% since then. by data coin market capAt the time of writing, it is trading at $0.73.
Also, for most of the month, the MANA price traded below the midline of the Bollinger Bands. This is often taken as a sign of weak price action and a slow downtrend.
A look at the rising Aroon line (orange) confirmed a weak uptrend in the MANA price. At press time, it was pegged at 7.14%. When an asset’s Aroon Up line is close to zero, the uptrend is weak and the most recent high was reached a long time ago. This often suggests that prices are about to drop further.
realistic or not, here it is MANA market capitalization in terms of BTC
Additionally, the key momentum indicators were seen in a downtrend and have been in the position since late January. For example, MANA’s money flow index (MFI) had broken its neutral line to rest at 43.70 at press time. Similarly, the Relative Strength Index (RSI), which was sitting at 55, was trending lower and is moving further below its neutral line.
Finally, data from currency A sharp drop in MANA open interest was detected since January 16. Within that period, it dropped by 47%. At the time of writing, MANA had $51 million in open interest on major exchanges.