Manta Network (MANTA), after experiencing a 7% drop on January 28, started to show a downward trend in its short-term market structure. Since that period, the cryptocurrency’s price has risen, recovering most of the losses incurred.
TVL Increase in MANTA
MANTA’s listing on major cryptocurrency exchanges last week led to a significant increase in Total Value Locked (TVL). The official airdrop announcement was on January 18, but the sentiment of rise began to slow down. According to the hourly price charts of MANTA, the recent lowest level of $3.565 was breached, which could indicate a short-term bearish market structure.
However, the $3.33-$3.45 range was a demand zone where prices consolidated before rising on January 26. This could be a supply zone that MANTA might retest before any potential downturn. With market dynamics changing, a shift to the $2.9 support zone could be possible. Yet, the Relative Strength Index (RSI) is not below the neutral 50, which would indicate a downward momentum.
Data on MANTA
The On-Balance Volume (OBV) is not in a clear downtrend that would signal selling pressure. In the past 24 hours, MANTA‘s price fell and then rose again. However, the open interest chart has been on a downtrend since January 27. This could imply that market sentiment is short-term bearish. On the other hand, the spot Cumulative Volume Delta (CVD), despite the brief dip on January 28, continued its upward trend. Buying activity in spot markets remained strong, which weakens the notion of a short-term bearish trend for MANTA. Buyers can expect to break above $3.89 and anticipate a prolonged retest of the same level.
Manta Network entered a short-term bearish market structure with a 7% drop. MANTA, which stood out with its listing on major crypto exchanges and an increase in TVL last week, faced a slowing upward trend. Price charts indicate a short-term bearish market structure, while certain support zones may be retested.
