Analyzing weekly efficiency of Decentraland [MANA], and SAND

MANA and SAND recorded double-digit worth rallies within the final week.
MANA at the moment 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 belongings, 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 belongings recorded double-digit features within the final seven days.

Decentraland and The SandBox noticed elevated person exercise

According to knowledge from DappRadar, Decentraland and The SandBox each recorded hikes in person exercise, albeit of various levels. In the final seven days, Decentraland recorded a 14.15% hike within the depend of distinctive energetic wallets that interacted with the metaverse-based mission.

This resulted in a corresponding rally within the whole variety of transactions made between these distinctive energetic wallets and Decentraland’s sensible contracts. Data from DappRadar additionally confirmed that 17,450 transactions had been accomplished within the final week, representing a 26.08% improve in transactions depend.

Read Decentraland [MANA] Price Prediction 2023-24

Further, because the depend 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 belongings locked throughout the Decentraland ecosystem. Per DappRadar, this was $23.4 million at press time.

Source: DappRadar

The SandBox, then again, didn’t document the identical stage of development. Within the interval below overview, the depend of distinctive energetic wallets that interacted with the metaverse-based gaming mission grew by a mere 4%.

With minor person exercise within the final week, transactions depend on The SandBox fell by 6%. Also, the fiat worth of transactions accomplished on the mission went up by simply 1%.

Interestingly, the tiny subset of energetic 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.

Source: DappRadar

Read The Sandbox [SAND] Price 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.

Source: CoinMarketCap

An evaluation of MANA’s motion on a every day chart confirmed a corresponding rally in shopping for strain throughout that interval. As a 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.

However, whereas the shopping for momentum may exceed promoting strain, a divergence between MANA’s Chaikin Money Flow (CMF) and its MFI has existed up to now two days. While MANA’s worth grew, the CMF initiated a downtrend.

When an asset’s worth rallies whereas its CMF dwindles, it typically means that the shopping for strain out there is reducing, regardless that the worth remains to be rising. This could possibly be a warning signal that the uptrend is probably not sustainable, and a possible reversal or correction may happen.