- Bearish sentiment towards the MANTA token has been increasing over the past few days.
- However, some market indicators remained strong.
Manta Network (MANTA) has recently staged a comfortable rally, gaining 33% over the past seven days. This price rise has propelled the token to the top spot on CoinMarketCap’s list of popular coins.
However, it appears that the rally will not last long as the MANTA chart has turned red at the time of reporting.
Are the bears from MANTA here?
The price of MANTA has fallen by more than 6% in the last 24 hours. At the time of this writing, it was trading at $3.43, with a market capitalization of over $860 million. AMBCrypto’s examination of Santiment’s data pointed to quite a few bearish indicators. For example, Manta Network’s social value has soared while daily trading USD volume has plummeted.
Due to the recent price decline, Weighted Sentiment has also fallen significantly. This means that bearish sentiment is starting to increase at press time.
Despite this, social volumes remained high. mantaVery volatile price action.
Source: Santiment
To understand whether the price decline will continue, AMBCrypto looked at the token’s 4-hour chart. Our analysis shows that MACD has a clear bearish edge in the market. The Funds Flow Index (MFI) also declined and headed below the neutral zone at press time.
Nonetheless, several other indicators suggest otherwise. Manta Network’s Relative Strength Index and Chaikin Money Flow registrations have increased, increasing the likelihood of an imminent price increase.
Source: Manta Network/Tether on TradingView
here’s the good part
Besides RSI and CMF, several other indicators also looked bullish. Especially ‘Coin Glass’ chart It said public interest in MANTA has remained stable despite recent price declines.
A similar trend was seen in terms of funding ratio, suggesting that futures investors were actively purchasing MANTA at press time.
Source: Coinglass
AMBCrypto is earlier reported How has TVL in blockchain grown, making it the third largest L2, accounting for 7% of the market share at press time? The latest data also showed an upward trend.
Looking at data from DeFiLlama, we see that Manta Network’s TVL stands at $604.88 million at the time of this writing. These indicators point to the fact that the bears may not yet have a firm hold on MANTA.
Source: DeFiLlama
Is there any reason for concern?
Despite the price decline of MANTA in the last 24 hours, it is too early to start a bull market. Considering that MANTA surged 33% last week, one could argue that a 6% drop in 24 hours is ‘normal’.
how much? Today’s value is 1,10,100 MANTA.?
This phenomenon is widespread considering the volatility and unpredictability of the cryptocurrency market. So only time will tell whether there is more to MANTA’s recent price movements than meets the eye.