Currently, Manta Network (MANTA) is generally showing an uptrend. However, signs that its momentum is slowing could indicate an impending change that might trigger a sell signal. A more detailed examination of the fundamental indicators provides important information about possible price movements and critical support levels.
Manta Network’s (MANTA) Rising Momentum and Technical Outlook
Currently, the cryptocurrency Manta Network’s price trend is showing an uptrend on the hourly time frame. The token is positioned above a rising trend line, exhibiting a performance above expectations. In particular, it is in a solid position between the upper half of the Bollinger indicator, the $4.1428 center line, and the upper band at the $3.51 level.
Despite the dominant uptrend, the Relative Strength Index (RSI) indicates a decline in momentum. Therefore, it is important to adopt a cautious approach. The RSI crossing the signal line (yellow band) southward could indicate an upcoming sell signal.
In this case, Manta Network’s price could relinquish the support level at the $3.51 center line, leading to a drop of up to 10% from current levels. However, the rising trend line and horizontal support at the $3.25 level offer strong support.
In a more serious scenario, the MANTA price could potentially retreat to the $3.07 support level, representing a significant drop of 23% from its current value.
Balance of Bull and Bear Scenarios
Despite bearish indicators, the RSI is currently at the 67 level, indicating positive price strength. This situation leaves potential room for further upward movement before reaching the overbought zone at the 70 level. An increase in buyer momentum could push Manta Network’s price beyond the upper band of the Bollinger indicator, to $3.80.
However, to invalidate the bearish scenario, Manta Network’s price needs to successfully surpass the high range of $3.70 and create a new high above this level. At the time of writing, the MANTA price has surpassed this level.
As Manta Network’s price dynamics unfold, investors are advised to be mindful of potential momentum changes and maintain a delicate balance between bullish and bearish scenarios, which is crucial for making informed decisions in the cryptocurrency market.
