• Thu. Apr 18th, 2024

Decentraland (MANA): Assessing Chances of Winning Long Bets in Short-Term

Oct 16, 2022

Decentraland (MANA) has the loss/profit transaction ratio at the lowest mark in three years, according to Santiment’s data. It emerges as the Metaverse token spent the last nine months recording price declines.

That indicated that MANA transactions-at-profit hit the lowest zones in the past three years. The current zone showed that a possible bottom was imminent. Meanwhile, the last time the token’s loss/profit ratio hit these lows saw MANA’s price gaining more than 610% in the following six weeks.

MANA Outlook

MANA price has plunged by 70% since the April 14 price peak of $2.12. While publishing this blog, the alternative token changed hands at $0.6338. Meanwhile, the severe crypto market slump in 2022 welcomed faded interest in metaverse-related projects.

Decentraland was among the most affected, dealing with extended user decline over the past few months. DappRadar data confirms that narrative. Meanwhile, the reduced user count and falling MANA prices triggered a drop in daily transactions.

Santiment’s data indicated that unique active wallets that transact MANA daily plunged by more than 90% since the mid-May sessions. Moreover, the platform has recorded a dip in new addresses joining Decentraland daily. The metric has dipped by 84% since May 12.

Remember, prolonged plunges in network activity indicate a possible bottom for a digital coin. The 200-day average shows MANA’s new addresses and active ones remained at their lowest in six months. Furthermore, the continued slump in MANA price triggered a surge in opposing attitudes against cryptocurrencies.

Historically, negative growth toward a digital coin means an imminent bottom and could attract price bounce-backs. While publishing this post, MANA had its weighted sentiment at -0.188, staying negative for the last month.

Persistent capitulation would see MANA holders anticipating price rallies. In the near term, MANA holders can experience respite as crucial indicators on the token’s daily chart confirm oversold conditions during this publication.

The MFI (Money Flow Index) and RSI (Relative Strength Index maintained downtrends at 35 and 32, respectively. Adequate liquidity within the MANA marketplace might see bulls initiating upsides for momentary relief.

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