Analyzing how Decentraland’s hype failed to aid MANA’s climb
A large part of the crypto ecosystem experienced unusual inaction in the just-ended 24- 26 March weekend.
Strange because almost all other weekends in the month were filled with evident price rises. Despite the market sluggishness, Decentraland [MANA] jumped to the top of the most discussed out of the thousands of crypto projects.
Read Decentraland’s [MANA] Price Prediction 2023-2024
According to Santiment, MANA’s social dominance rose sharply on 26 March. At press time, Ethereum [ETH] virtual world project maintained the hike at 0.354%.
This increase implied that the Decentraland community actively participated in conversations around the token. And the depth of discussion was far above many others.
However, the rise in social activity is not an inescapable condition for a positive price action or perception. This was further revealed by the weighted sentiment. The sentiment takes into account the unique social volume and measures the average subjective information about an asset.
Source: Santiment
At the time of writing, MANA’s weighted sentiment was -0.388. This means that the impression that investors had towards the token was not necessarily optimistic. The MANA price decreased 1.74% in the last 24 hours, following a similar trend as most cryptocurrencies.
Regardless, it did not seem that the token would go for a trend reversal anytime soon, as indicated by the Awesome Oscillator (AO). Based on the daily chart, the AO was -0.0161, at press time.
This value suggested that the momentum was bearish. However, there was potential for a trend reversal with the emerging presence of green bars.
In terms of volatility, the Bollinger Bands (BB) showed that MANA was contracting. And with the price evading both the
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