Analyzing weekly performance of Decentraland [MANA], and SAND

• MANA and SAND recorded double-digit worth rallies within the final week.
• MANA presently reveals a CMF/worth divergence that hints at a worth disadvantage.

Following final weekend’s market-wide decline in worth for a number of crypto belongings, main metaverse tokens Decentraland [MANA] and The SandBox [SAND] have been amongst one of the best performers within the week. Per knowledge from CoinMarketCap, each belongings recorded double-digit beneficial properties within the final seven days. 

Decentraland and The SandBox noticed elevated consumer exercise

Based on knowledge 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 lively wallets that interacted with the metaverse-based undertaking.

This resulted in a corresponding rally within the complete variety of transactions made between these distinctive lively wallets and Decentraland’s good contracts. Information from DappRadar additionally confirmed that 17,450 transactions have 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 lively 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 belongings locked throughout the Decentraland ecosystem. Per DappRadar, this was $23.4 million at press time. 

Supply: DappRadar

The SandBox, however, didn’t document the identical degree of development. Inside the interval beneath assessment, the depend of distinctive lively wallets that interacted with the metaverse-based gaming undertaking 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 undertaking went up by simply 1%. 

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Curiously, the tiny subset of lively customers on the protocol initiated a 155% bounce within the worth of belongings housed inside The SandBox in simply seven days, knowledge 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 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 each day chart confirmed a corresponding rally in shopping for strain throughout that interval. Consequently, 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 strain, a divergence between MANA’s Chaikin Cash Stream (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 strain out there is reducing, regardless that the worth remains to be growing. This may very well be a warning signal that the uptrend will not be sustainable, and a possible reversal or correction might happen.

Supply: MANA/USD, TradingView