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Historical Data Suggests A Possible Price Spike For MANA By CoinEdition



Historical Data Suggests A Possible Price Spike For MANA
  • Decentraland’s market cap fell dramatically during 2022.
  • Historical data indicates that when MANA’s transaction ratio is as low as it is now, it could be followed by a spike.
  • MANA is currently trading at $0.632 after a 2.73% drop in price.

The crypto market intelligence firm, Santiment, took to Twitter on October 15 to share some numbers about a “under the radar” NFT project and its native token MANA.

According to Santiment, Decentraland is a fairly below-the-radar ERC20, NFT and virtual reality asset. Unfortunately, 2022 has not been kind to this project as its market cap shrunk throughout the year. In addition to this, the profit/loss ratio of MANA’s transactions is at its lowest level in three years. On the bright side, this could have some good implications for cryptocurrency.

Decentraland ratio of daily on-chain Tx profit/loss (Source: Santiment)

MANA’s historical data indicates that when the ratio is as low as it is now, it could be followed by a spike. In November of 2019, the ratio stood about where it is now, but in the following 6 weeks, the project saw a huge 610% spike. The question still remains whether this will be the case for MANA during 2022 as well.

Decentraland / US 1D (Source: CoinMarketCap)

According to the crypto market tracking website CoinMarketCap, MANA is currently trading at $0.632 after a 2.73% drop in price over the last 24 hours, and after reaching a high of $0.6542 over the same time period. The crypto is also still in the red by more than 9% over the last week.

MANA’s 24-hour trading volume also took a knock as it is down more than 40% to now stand at $95,791,464.

MANA is currently the 42nd biggest cryptocurrency in terms of market capitalization with its market cap of $1,172,450,226. This places MANA right behind Tezos () in the 41st position on the list and in front of Huobi Token in the 43rd position.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Historical Data Suggests A Possible Price Spike For MANA appeared first on Coin Edition.

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