• Decentraland (MANA) has surged 73% over the past week, now trading just below its pre-FTX collapse price of $0.7137.
• Over the same period, the total crypto market cap has seen a significant growth of $156 billion, driving token prices across the board.
• Jan. 16’s daily candle pattern indicates some market indecision at the current price.
The past week has seen a surge in the price of Decentraland (MANA), now trading just below its pre-FTX collapse price of $0.7137. This appreciation has come off the back of its partnership with the Australian Open and strong GitHub activity, resulting in a 73% gain over the past 7 days. This growth follows a limited data set that suggests the end of this bear cycle, with Aptos leading the charge of the top 100 projects with a 77% jump, followed by Decentraland at 73%, and Helium at 54%.
The beginning of this bullish trend can be traced back to Jan. 08, when the total crypto market cap saw a substantial growth of $156 billion. This price surge saw token prices across the board experience an uptrend, with Decentraland hitting a low of $0.2858 on December 2022 before experiencing a 34% swing to the upside on Jan. 13. Subsequent days have all resulted in significant upside swings, culminating in a peak price just below the pre-FTX collapse level today (Jan. 16).
Although the price of Decentraland appears to be trending higher, the daily candle pattern on Jan. 16 has printed a small candle body with a long top and bottom wick, indicating some market indecision at the current price. Nonetheless, the peak-to-trough move of +156% over the past week is a sign of renewed optimism for the year ahead, with Decentraland leading the charge.