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Decentraland [MANA]: With continued price declines, here’s what MANA offers investors: We had a hard time getting our users excited over the last month. Dapp Radar clearly.
With only 576 users in the last 30 days, Decentraland saw a 13% drop in platform visitors. In addition, the total number of transactions completed on Decentraland also decreased last month. Only 1,052 transactions were executed in the last 30 days, a 32.9% decrease in completed transactions.
Source: DappRadar
MANA in August
MANA was trading at $0.8167 at the time of writing.according to coin market capitalizationthe #38 cryptocurrency fell 32% in price over the last month. Apecoin [APE] The most profitable in the last 7 days. Its price has increased by 5% over the past week.
Statistically Significant Share of Positives correlation major coins, Bitcoin [BTC], the price per MANA has also increased slightly over the past 24 hours. With the price up his 3% in the last 24 hours, CoinMarketCap data showed that the token’s trading volume was also up 26% in that period.
Despite the month-long price decline, looking at the coin’s Moving Average Convergence Divergence (MACD) on the daily chart reveals the crossing of the MACD line and the trend line on the September 4 uptrend. became. This marks the start of a new bull cycle.
Since August 29, buying pressure for MANA has gradually increased, as indicated by the token’s Chaikin Money Flow (CMF). At the time of writing, it was positioned in an uptrend at 0.06. At 48, the token’s Relative Strength Index (RSI) also attempted a crossover to the neutral area of 50 in search of progress north.
Source: Trading View
On-chain analysis
Holders of MANA tokens between 1 and 100,000 increased their holdings as the price per MANA dropped consistently last month. Interestingly, whales holding between 100,000 and 1,000,000 MANA tokens participated in the token distribution.
In the 30 days studied, whales in this category decreased by 9%. According to data from santimentoonly 394 addresses are currently held between 100,000 and 1,000,000 MANA, as opposed to 437 addresses that held the same addresses a month ago.
Source: Santimento
Santiment’s data, which generally predicts a bullish outlook, further shows that the supply of MANA on exchanges has been consistently declining, even as the token’s price has fallen. Such declines indicate increasing buying pressure on assets.
Source: Santimento
Additionally, the 30-day MVRV was 1.037%, revealing a significant number of MANA investors profited last month.
However, given that the token’s median investment age (MDIA) has been hovering over the past 180 days for a long period of time, this means that the MANA network has stagnated, making it difficult for the asset’s price to rise further. There is a possibility.
Source: Santimento
