MANA, Decentraland’s currency, has seen a 78% price drop from its peak of £2.26 in March before the crypto market meltdown in April.
The cryptocurrency spiked by 8% during intraday trading on 30 May, breaking out of a two-month descending trendline. One may wonder if the token retained the majority of its gains 24 hours later. At £0.86 at the time of writing, the token had lost 6% of its gains in the previous 24 hours due to a retracement.
A detailed examination of price chart movements, at press time, revealed a bearish divergence. Despite the fact that the MANA token’s price was rising, the RSI appeared to fall in a downward curve at 44.
This meant that the bulls were losing their grip and that the bears were preparing to strike in the market. Despite being on an upward curve, the MFI remained below the 50 neutral region and near oversold territory. This was 31.86 at the time of writing.
The token’s trading volume has increased by 44% in the last 24 hours. The presence of a commensurate price surge suggested that investors were active. The MANA token’s market capitalisation shifted upwards within the same time period. At press time, it had moved from £799.4 million to £799.8 million.
According to data from Santiment, MANA made substantial progress in other areas while reaching an intraday high on May 30.
On May 30, the number of daily active addresses transacting MANA increased by 11%, from 940 a day earlier to 1062. A matching increase in price indicated that more addresses had acquired the token, causing the price to rise.
Yesterday saw transaction volume increase by 76%, with MANA posting a transaction volume of 33 million, up from 7.8 million on May 29.
The whales also made their presence felt. A total of 34 whale transactions of over £79.4k were registered, a 73% increase over the nine recorded on May 29. This was 17 at the time of writing.
Finally, after no such transactions in the previous two days, MANA finally registered one transaction of over £0.79 million.