According to data from Santiment, there has been an increase in demand for the metaverse-based token Decentraland (MANA) in the midst of the overall market uptrend, reaching the highest level of demand this month.
According to the on-chain data provider, the daily number of new addresses created for MANA transactions reached 414 on October 24th. It is important to note that this number represents a 76% increase compared to the previous day’s recorded new address count of 235.
MANA Coin Review
The increase in the daily number of new addresses created for a crypto asset’s trading indicates a growth in network activity, which subsequently leads to a positive price movement.
In addition to the increase in the daily number of new addresses for MANA, the number of active addresses trading MANA coins daily has also reached its highest level in recent months. According to data from Santiment, the total number of addresses involved in MANA transactions reached 1269 as of October 24th, the highest level since June.
At the time of writing, MANA coin was trading at $0.35. The price of the token was last seen at these levels on August 14th. According to data from 21milyon.com, it experienced an increase of over 15% last month. The recent price increase and increased trading activity have pushed MANA into overbought levels.
At the time of writing, MANA’s Relative Strength Index (RSI) was at 74.16. Similarly, the Money Flow Index (MFI) was at 93.32. The values reflected by these indicators may suggest that MANA may have reached a saturation point for accumulation, and as a result, sellers may start entering the market at these levels. In general, in such cases, a downward price correction may occur.
The Future of Mana Coin
Furthermore, several indicators also indicate to investors that the market is being shaken by intense price fluctuations and the possibility of a downward price movement.
For example, the Average True Range (ATR) value for MANA has been trending upward since October 22nd. This indicator calculates the range between high and low prices over a certain number of periods and measures the price range in which the market is moving.
At the time of writing, the ATR value was at 0.014. This indicator suggests that price fluctuations may occur in the coming days for MANA. Additionally, the Bollinger Band Width (BBW) was increasing.
