Why Shiba Inu (SHIB) and Decentraland (MANA) Prices Could Be Ready to Rally After Quiet Q3

7 October 2022, 12:45 GMT+0000
Updated by Ali Martinez
14 October 2022, 11:02 GMT+0000
In Brief
  • MANA supply on exchanges sitting at low levels presented how participants were confident in the token’s future
  • SHIB daily active addresses and network growth have maintained a consistent level throughout the last few months barring a few downticks.
  • Another bullish long-term sign for SHIB was the growing number of whales seen in the rising supply distribution by the balance of addresses.
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Shiba Inu Coin (SHIB) and Decentraland (MANA) have managed to gain some ground in terms of whale activity and supply-demand despite the sluggish bear crypto market.

The last quarter was weak in terms of price gains. Surprisingly, altcoins like SHIB price and MANA price attracted a good deal of market confidence. This uptick in positive sentiment was evident in on-chain development. The incredible price action occurs while the hype around Shiba Inu news and Decentraland news appears to fade away.  

MANA price network continues to grow 

Decentraland MANA price is currently oscillating close to its lower support level at the $0.69 mark. This is is the result of a steep bear market that started after MANA price rose to an all-time high of $5.84 in Nov. 2021.

While Decentraland price is down 88% from its ATH price, it lost close to 25% throughout the third quarter.

MANA price technical data does not paint a very bullish long-term picture. IntoTheBock data highlights over 210.52K addresses or 80.95% of the total addresses were Out of Money, or underwater, at the publication time price levels. 

A look at MANA supply on exchanges at low levels presented how participants were confident in the future.

MANA daily active addresses held well even amid larger bearish conditions highlighting a relatively vibrant network. 

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Decentraland MANA price
Source: Sanbase 

Going forward, there seemed to be considerable hope for MANA holders. With positive sentiment glimmering and network growth finally noting a decent uptick. 

Decentraland MANA price
Source: Sanbase 

In addition to increasing network growth, Decentraland unique visitors per day in the 90 days held around 8,000. 

Decentraland MANA price
Source: DCLmetrics

Is SHIB price readying to rally soon?

Shiba Inu price, the top Dogecoin-killer, was another top altcoin that ran a slow and steady race throughout the last quarter. While down 87.23% from the ATH SHIB price, its daily active addresses and network growth have maintained a consistent level throughout the last few months, barring a few downticks.

Shiba Inu price
Source: Sanbase 

Another bullish long-term sign was the growing number of whales that could be seen in the rising supply distribution by the balance of addresses. 

Shiba Inu price
Source: Sanbase 

As Shiba Inu price keeps coming up with new use cases, the dog-inspired cryptocurrency has managed to stay afloat despite the crypto winter.

In May 2022, the project came up with the idea of allowing holders to use SHIB for purchasing land in the Shiba metaverse. The same further boosted the Shiba Inu usability and adoption. 

Disclaimer: Be[in]Crypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.