Decentraland’s user base has decreased by 13% over the past 30 days to just 576 individuals. Additionally, fewer transactions have been performed overall on the platform. Only 1,052 transactions have been performed over the past month, nearly a 32.9% decrease in total transactions completed.
MANA was trading for £0.70 at the time of writing. The altcoin’s price dropped by 32% in the last month, according to CoinMarketCap. However, it traded second to Apecoin (APE) with the highest gains during the past seven days among all the metaverse tokens available on the market. The price of the #38 ranked cryptocurrency increased by 5% in the last week.
MANA’s price also had a modest increase over the past 24 hours, showing a significantly positive correlation with Bitcoin (BTC). According to data from CoinMarketCap, the token’s trading volume increased by 26% during the same period, with only a 3% increase in price.
MANA’s Moving Average Convergence Divergence (MACD) on the daily chart intersected the trend line in an uptrend on September 4. This signalled the start of a brand new bull cycle.
MANA has exhibited a gradual increase in buying pressure since August 29, according to Chaikin Money Flow (CMF). At the time of writing, it was trending upward at 0.06. The Relative Strength Index (RSI) also tried to cross over into the 50-neutral area at 48 in an effort to move northward.
MANA holders of 1–100,000 tokens raised their holdings as the price continued to decrease last month. Whales with 100,000 to 1,000,000 MANA tokens started participating in token sales.
These whales decreased by 9% during the 30-day period. Only 394 addresses presently hold between 100,000 to 1,000,000 MANA tokens, down from the 437 addresses that did so in August, according to data from Santiment.
Furthermore, according to data from Santiment, there was a constant drop in the supply of MANA on exchanges. This projects a bullish outlook. The drop signals an increase in buying pressure.
Additionally, the 30-day MVRV showed that a sizable portion of investors made profit.
MANA’s Mean Dollar Invested Age (MDIA) implies that future price rise for the asset may be difficult.