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- MANTA crypto price has dropped over 10.94% during the weekly trading session.
- The current price shows weak bearish strength above the $1.54 support level.
- The trading volume of Manta has reached $25.36 Million, with an increase of 35.52% in the last 24 hours.
Launched in September 2023, Manta Network (MANTA) is a modular ecosystem where users can build and deploy any solidity-based decentralized applications (dApps). The network provides faster transaction speed than Layer-1 and lower cost than layer-2 blockchains.
However, the MANTA token price has been facing bearish remarks from traders and investors since March 2024. The crypto has recorded over 40% negative profitability in April 2024 and an almost 4% decline in the current month.
Bearish Strength Weakened in Recent Sessions! Manta Performance
The MANTA crypto price experienced a positive upsurge on January 23, 2024. The cryptocurrency reflected over 70% profitability during a single bullish rally from the $2.23 key point of interest (POI). Intrigued by the upsurge, the traders and crypto cruisers placed their active long positions on that POI.
Consequently, the crypto price surged almost 80% after the end of February 2024. Afterward, an opposing rally can be seen in the Manta price, which happened due to the bullish target completion.
Crypto is also underperforming in the global cryptocurrency market. However, the community behind the Manta network is 71% bullish today.
Price Volatility & Social Dominance Analysis
By the end of January 2024, the social buzz of the Manta Crypto covered over 0.6% dominance in the entire crypto world. That made a positive impact on price growth, and the volatility remained stable at under 0.8.
Since then, the MANTA social dominance has been slowly fading, currently covering 0.03%. The price, on the other hand, has been facing bearish sentiments. One of the reasons must be the lack of social media posts.
Technical Analysis of the Manta Network (MANTA/USD)
The short-term outlook implies that it is below the key exponential moving average on the bearish side. The current token price moved below the 50-day EMA, indicating bearish sentiments in technical terms.
MANTA price has been following a trendline forming above after facing resistance from the $4.09 level. The price has given a breakout from the $2.23 key support level, resulting in a fall of 30% to the $1.54 immediate support.
The current bearish movement in price seems to be weakening. The candles are reflecting lesser volume, which can be a sign of a potential bullish reversal. However, the reversal cannot be realized until the price has a bullish impulsion.
The relative strength index (RSI) is showing a lack of strength in momentum in the current phase. The multiple crossovers between the RSI and SMA lines reflect neutrality over the price.
Summary
Since March 13, the Manta crypto price has been performing with bearish sentiments. The cryptocurrency has recorded over 60% adverse rally from the $4.09 resistance level. At press time, the bearish momentum in price seems to weaken due to the lack of trading volume and interest of traders and investors.
The social buzz of crypto is also fading away, reflecting the decreasing interest of traders and cruisers in the current phase.
Technical Levels
The immediate support for the MANTA price at the time of writing was $1.54, while the $3.06 level is the next resistance. If the price crosses any of the mentioned levels, the price movement may follow that direction.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
