Decentraland [MANA]: A story of increased adoption but major concerns
’s exchange reserve was decreasing, which is a positive signal as it indicates lower selling pressure.
Another bull signal was that Decentranald’s exchange outflow spiked in the last few days. MANA’s development activity also increased, suggesting more efforts from the developers to improve the network. Furthermore, MANA’s network growth remained up during the last week, which could have played a role in its price surge. But, at the time of writing, this metric had sharply declined. While MANA’s price increased, its MVRV Ratio registered a decline, which looked unusual.Though the weekly price action aligned with investors’ interests, things might change as suggested by a few market indicators.
’s Relative Strength Index registered a decline, which might result in a price decline in the coming days. The Chaikin Money Flow also followed the RSI by declining and was heading further below the neutral mark. Nonetheless, the Exponential Moving Average Ribbon still remained bullish as the 20-day EMA was resting comfortably above the 55-day EMA.Subscribe to get it daily in your inbox.
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