MANA stands strong when these whales set up camp in Decentraland

  • Top Ethereum whales had more MANA than any other token
  • MANA’s price action showed that it required a bearish exit

According to a tweet posted by WhaleStats in the wee hours of December 4th, the top 500 are Ethereum [ETH] whales preferred to hold Decentralized country [MANA]. The database noted that these whales had about $1.05 million worth of MANA. This made the virtual reality platform a favorite Enjin coin [ENJ].

Read Decentralized [MANA] Price prediction 2023-2024

Although the stock looked impressive, MANA eroded against the US dollar (USD). At press time, the token was trading at $0.408, according to CoinMarketCap; one modest decrease of 1.50% in the last 24 hours. An examination of the volume showed that MANA’s transactions fell by 31.72%, leaving the 24-hour volume less than $50 million.

Ask for “MANA” and get what in return?

On the daily chart, MANA struggled to leave its weakened position. At the time of writing, the altcoin’s relative strength index (RSI) was 40.63. This zone signaled that MANA had not strengthened its buying momentum.

But since it had overcome dangling around the oversold region in the last week of November, the current position could mean consolation was close. Nevertheless, there was still no rationale indicating against bullish momentum.

Furthermore, the Money Flow Index (MFI) showed that Decentraland’s ecosystem was filled with active investors. At press time, the MFI rose to 61.30. At this rate, it meant that a good amount of liquidity had flowed into the MANA ecosystem. It had been like this since 23 November.

Source: TradingView

However, the potential lift from RSI and MFI did not spread across all MANA sections. In the case of the Directional Movement Index (DMI), it was time to add powers to sellers. This was because sellers’ strength (red), at 25.75, indicated strong control over buyers (green) at 16.28.

Additionally, the Average Directional Index (ADX) supported a bearish move in the short term. This was due to the ADX breaking above the solid value of 25, remaining at 37.20. In a case where the ADX value was less than 25, MANA may have a chance to change the price channel.

Networks and addresses fall into the camp

According to the state of the chain, Decentraland could not be revived in some areas. In accordance Sentiment, network growth, which increased dramatically in mid-November, had plummeted. The value of 482 meant that new addresses were not cheerful when taking part in MANA transactions.

Furthermore, active addresses, which increased around the same period, followed a downward trend. As with network growth, deposits have not been impressive.

Decentraland network growth and active addresses

Source: Sentiment

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