Will MANTA Rebound Gains Toward $5?

The Manta Network (MANTA) token price was retraced to the 20-Day EMA mark and is replicating lower low swings in the past sessions. Moreover, the price action shows that the token is ready to crack the trendline mark of $3.20. However, the token witnessed a sideways move and attempted to jump above the round mark of $3, but indecisiveness was noted.

MANTA token price is trading near the 20-Day EMA mark and is witnessing neutral signs amidst the market surge. Until the token did not climb the $3.20 mark, consolidation was continued, and the token remained in a narrow range. Per the Fib retracement levels, the token stayed above the 38.2% zone but failed to climb the 50% zone.

The Manta Network (MANTA) price was $3.04 at press time, with an intraday gain of 1.30%, showing neutrality on the charts. Moreover, the trading volume has increased by 31.20% to $226.31 Million. The pair of MANTA/BTC is at 0.0000538 BTC, and the market cap is $762.13 Million. Analysts are bullish and suggest that the Manta token (MANTA) price will continue to extend gains and may reach $5 soon.

MANTA Displays Consolidation On Hourly Charts

On the hourly charts, the token was hovered in a range throughout the week and did not reveal any significant up move despite the market surge. The token price is capped in a range and is facing the 200-Day EMA hurdle, which needs to escape for a healthy recovery towards $4.

The RSI curve is hovering near 55, close to the midline, guiding a negative outlook on the charts. However, the MACD indicator shows a bearish crossover and displays red bars on the histogram, suggesting the volatile outlook for the upcoming sessions.

MANTA Displays Symmetrical Triangle, Can Bulls Stretch Up Move Toward $5?

Manta Network price showcased a retracement and retested the 50-Day EMA, but is hovering near the lower trendline of $3. The price action replicates selling pressure, and the token did not succeed in crossing the upper trendline of $4 for the past weeks and persisted in forming the lower low swings. Despite the uptrend, the sellers were looking for a correction and added fresh short positions, which led to a retracement.

Summary

The Manta Network token (MANTA) price hovered below the round mark of $3 and is displaying a negative outlook. However, the trend is neutral, and volatility is there, which may lead to the token on either side. Investors need to track the levels as mentioned below to make any positions and keep an eye on it.

Technical Levels

Support Levels: $2.70 and $2.50

Resistance Levels:$3.20 and $3.80

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.