- MANA noticed its largest transactions through the buying and selling session on 20 February.
- Readings on the worth chart counsel that MANA’s value may see an extra decline.
In a big improvement for main metaverse-based token Decentraland [MANA], one of many largest transactions of all time happened on its community throughout intraday buying and selling session on 20 February.
How a lot are 1, 10, 100 MANA price?
According to on-chain information supplier Santiment, 256.31 million MANA tokens have been moved out of a recognized whale tackle.
🐳 #Decentraland had considered one of its largest transactions of all time on its community at present, with 256.31M $MANA moved out of a recognized whale tackle. This transfer was price $190.2M. Typically, these large transactions foreshadow value swings in a brand new path. https://t.co/ZK625yXZ1q pic.twitter.com/AVKKtT6lNV
— Santiment (@santimentfeed) February 20, 2023
Will MANA’s value sink or swim?
Large transactions of this nature typically foreshadow important value swings in a brand new path. In response to the massive transaction quantity, MANA’s value rose by 2% within the final 24 hours, and buying and selling quantity was up by nearly 20% throughout the identical interval.
Looking on the each day chart, there have been indications that the worth of the altcoin might expertise a drawdown.
Following a number of weeks of a value rally, a have a look at the token’s shifting common convergence/divergence (MACD) revealed that it commenced a brand new bear cycle initially of February. MANA’s value peaked at $0.83 on 2 February and has since declined by 12%. Per information from CoinMarketCap, it exchanged arms at $0.73 on the time of writing.
Further, for a lot of the month, MANA’s value traded under the center line of the Bollinger Bands. This is commonly taken as a sign of weakening value motion and a lingering downtrend.
A have a look at the Aroon Up Line (Orange) confirmed the weakened uptrend in MANA’s value. At press time, this was pegged at 7.14%. When an asset’s Aroon Up line is near zero, the uptrend is weak, and the newest excessive was reached a very long time in the past. It typically suggests {that a} additional value decline is imminent.
Realistic or not, right here’s MANA’s market cap in BTC’s phrases
Moreover, key momentum indicators have been noticed in decline and have been positioned because the finish of January. For instance, MANA’s Money Flow Index (MFI) had breached its impartial line to relaxation at 43.70 at press time. Likewise, the Relative Strength Index (RSI), which was at 55, was on a downtrend and gave the impression to be heading in direction of dropping under its impartial line as effectively.
Source: MANA/USDT on TradingView
Lastly, information from Coinglass revealed a steep decline in MANA’s Open Interests since 16 January. Within that interval, this declined by 47%. MANA’s Open Interests throughout main exchanges stood at $51 million as of this writing.
Source: Coinglass
