MANTA Token Drops 6% Amid Bearish Sentiment, DeFi Performance Stays Strong
A Deep Dive into MANTA’s 6% Price Drop – Why the Forecasts are Bearish
In the last 24 hours, the price of MANTA has fallen by 6%, but its DeFi performance remains strong. The bearish sentiment around the MANTA token has increased in recent days. Nevertheless, some market indicators remained bullish.
MANTA’s Recent Performance
Manta Network [MANTA] managed to record a comfortable increase over the past seven days, allowing it to rise by 33%. This price increase helped the token to reach the top spot on CoinMarketCap’s trending coins list. However, the rally might not last long, as the MANTA chart had turned red at the time of the press release.
Are the MANTA Bears Here?
The price of MANTA has fallen by more than 6% in the last 24 hours. At the time of writing, it was trading at $3.43 with a market capitalization of over $860 million. A look at the data from Santiment showed some bearish metrics. For example, the Manta Network’s Social Value increased while its daily trading volume in USD dropped significantly. The recent price downtrend also caused a massive decline in its weighted sentiment, implying that the bearish sentiment began to rise at the time of the press release. Nonetheless, its Social Volume remained high, which could be attributed to the high volatility of the MANTA price.
Will the Price Drop Continue?
To understand whether the price drop would continue, we looked at the token’s 4-hour chart. Our analysis revealed that the MACD showed a clear bearish advantage in the market. Its Money Flow Index (MFI) also recorded a decline and was below the neutral zone at the time of the press release. However, some other metrics suggest the opposite. The Manta Network’s Relative Strength Index and Chaikin Money Flow recorded increases, indicating a high probability of a price increase soon.
The Good Part
Apart from the RSI and CMF, some other metrics also looked bullish. Notably, the charts from Coinglass showed that despite the recent price drop, MANTA’s open interest remained stable. A similar trend was also observed in its funding rate, suggesting that futures investors were actively buying MANTA at the time of the press release.
Is There Cause for Concern?
Despite MANTA’s price drop in the last 24 hours, it would be premature to close the curtain on its bull run. Given the fact that MANTA rose by 33% last week, one could argue that a 6% drop in 24 hours is “normal”. Such occurrences are common in the crypto market, considering its high volatility and unpredictability. Therefore, only time will tell if there is more to MANTA’s recent price movements than meets the eye.
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