The price of MANA is up more than 8% in the past seven days.
Exchange outflows peaked and a few other metrics supported the rise.

Decentralized [MANA] has witnessed an increase in adoption in recent weeks, with several new partnerships in the metaverse and NFT domain.

The recent launches and events show the confidence of brands and companies in Decentraland. For example the documentary Domino’s Originals: DjMaRiiO premiered at Centralland. In addition, Doritos also recently announced its new musical metaverse mixer on Decentraland Metaverse.

Read from Centralland [MANA] Price prediction 2023-24

Thanks to these developments, MANA ranks second on the list of Polygon projects with the most mentions in the past seven days.

This update shows the popularity of the token in the crypto space. Interestingly, while Decentraland hosted multiple events, the price of MANA rose over the past week.

According to CoinMarketCapMANA posted a weekly gain of over 8% and at the time of writing was trading at $0.7781 with a market cap of over $1.44 billion.

These factors fueled the pump

That’s what CryptoQuant’s data has revealed MANAThe bank’s foreign exchange reserve decreased, which is a positive sign as it points to lower selling pressure.

Another bull signal was Decentranald outflows peaking in recent days. MANA’s development activity also increased, indicating more effort from the developers to improve the network.

In addition, MANA’s network growth has held up over the past week, which may have played a role in the price increase. But at the time of writing, this statistic had plummeted. While the price of MANA rose, the MVRV ratio registered a decline, which seemed unusual.

Source: Sentiment

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Caution is advised

While the weekly price action has been in line with investor interests, things may change as suggested by some market indicators.

The MACD revealed that the bulls and the bears struggled to gain an edge over each other. MANAThe Relative Strength Index (RSI) registered a drop, which could result in a price drop in the coming days.

The Chaikin Money Flow (CMF) also tracked the RSI by falling further below the neutral mark. Nevertheless, the Exponential Moving Average (EMA) ribbon still remained bullish as the 20-day EMA rested comfortably above the 55-day EMA.

Source: TradingView

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