- Bearish sentiment surrounding the MANTA token has increased in recent days
- However, a number of market indicators remained bullish
Manta Network [MANTA] has boasted a comfortable rally of late, allowing it to gain 33% in the past seven days. This price increase helped the token rise to the top spot CoinMarketCaps list of popular coins.
However, the rally may not last long as MANTA’s chart had turned red at the time of writing.
Are MANTA’s bears here?
MANTA’s price has fallen by more than 6% in the past 24 hours. At the time of writing, it was trading at $3.43 with a market cap of over $860 million. AMBCrypto’s look at Santiment’s data revealed quite a few bearish statistics. For example, Manta Network’s social value spiked while daily USD trading volume plummeted.
The recent price drop also caused a huge drop in weighted sentiment, meaning that bearish sentiment was starting to increase at the time of writing.
Nevertheless, social volume remained high, which can be attributed to this MANTA‘s highly volatile price action.
Source: Santiment
To understand whether the price decline would continue, AMBCrypto looked at the token’s 4-hour chart. Our analysis showed that the MACD showed a clear bearish advantage in the market. The Money Flow Index (MFI) also registered a decline and was trading below the neutral zone at the time of writing.
Nevertheless, some other statistics suggest otherwise. Manta Network’s Relative Strength Index and Chaikin Money Flow recorded increases, indicating that the likelihood of a price increase soon is high.
Source: Manta Network/Tether on TradingView
This is the good part
In addition to the RSI and the CMF, some other metrics also looked bullish. Particularly Coinglass’ Graphs revealed that despite the latest price drop, MANTA’s Open Interest remained stable.
A similar trend was also noted in terms of the coverage ratio, indicating that Futures investors were actively buying MANTA at the time of writing.
Source: Coinglass
AMBCrypto had earlier reported how the blockchain’s TVL was on the rise, taking 7% of the market share at the time of writing, making it the third largest L2. The latest data also showed an upward graph.
Our look at DeFiLlama’s data showed that Manta Network’s TVL was $604.88 million at the time of writing. These numbers are indicative of the fact that bears may not yet have a firm grip on MANTA.
Source: DeFiLlama
Is there cause for concern?
Even though MANTA’s price has fallen over the past 24 hours, it would still be too early to close the bull run. Considering that MANTA rose 33% last week, you could argue that a 6% drop in 24 hours is “normal”.
How many Worth 1,10,100 MANTAs today?
Such occurrences are widespread in the crypto market, considering its highly volatile and unpredictable nature. So only time will tell whether there is more to MANTA’s recent price movements than what meets the eye.