MANA’s seven-day performance was up 41%, but the condition of the chain raised doubts about maintenance.
The Awesome Oscillator predicted possible consolation in the coming days.
Early 2023, Decentralized [MANA] added new features for users to its ecosystem, noting that this is just “the beginning”. According to the announcement, the DCLcitizens, as they are popularly known, will be able to link profiles, distinguish name tags and also mark avatars.
Realistic or not, here it is MANA’s market cap in terms of BTC
These features were not the only New Year gifts to Ethereum [ETH]-based virtual reality platform handed over its users. According to CoinMarketCap, MANA’s seven-day performance drove it up 41%. The token also followed up with a rise as it registered a 10.01% gain in the past 24 hours.
There could be an ultimatum for Decentraland
However, the resurgence of MANA could be in jeopardy worsens is on the chain. Based on Santiment’s data, MANA’s network growth was the lowest since October 2022.
With 118, the drop explained how Decentraland had lost per acceptance to competitors and its determination to gain traction.
The on-chain platform also showed that development activity within the MANA ecosystem was not one to encourage. To the press, its chain’s development activity has been on a downward trend, despite a notable increase recently.
The decrease then raises questions about Decentraland’s commitment to upgrade the project.
While there was an increase in 24-hour trading volume, the MANA circulation was alarming at best. According to Santiment, its one-day circulation was 2.43 million at the time of writing. This indicated that only a few users had transacted with MANA. But since circulation did not peak, there is no room for sales pressure.
However, there were some positives to consider from the on-chain condition. In particular, the 24-hour active addresses improved. On January 11, it had dropped to 881, but at the time of writing, it had risen to 1128.
So there was an increase in the number of MANA transmitters and receivers. Nevertheless, it still failed to balance Decentraland’s on-chain condition.
How many Worth 1,10,100 MANAs today?
Start of the reversal?
The greens recorded by MANA in recent days may falter in the coming days, as shown by the Relative Strength Index (RSI). At the time of writing, the RSI was 71.22.
Now that we have passed the overbought zone, a retrace may be in order. Well, the potential continued to shine as the RSI started to trend downwards at the time of writing.
In addition, the Awesome Oscillator (AO) revealed that MANA might consolidate, as the alternating green and red bars showed inconsistent momentum.
This post MANA’s problems continue despite its recent surge. What could be the saving grace?
was published first on https://ambcrypto.com/manas-troubles-continue-despite-recent-surge-what-could-be-its-saving-grace/