Manta Network (MANTA) Crypto Price Prediction 2023

Manta Network is a ZK-application platform offering privacy and scalability. It utilizes zk-SNARKs for shielded transactions and leverages layer-2

The cryptocurrency market is displaying a mixed trend on Friday, with some digital assets, including MANTA, experiencing price fluctuations and variations in derivatives activity. Here's a closer look at the latest updates:

Manta Network Crypto Price Today

The price of Manta Network (MANTA) crypto remained largely unchanged on Friday, with a slight decrease of 0.23% in the last 24 hours. The crypto was trading at a price of $0.7241 at the time of writing.

With a circulating supply of 251.0M MANTA out of a total supply of 1.0B MANTA, the market cap of the crypto stood at $433.31M, ranking 164th on CoinMarketCap. This indicates a fully diluted market cap of $1.718B.

Manta Network Crypto Derivatives Analysis

According to data from Coinglass, higher long liquidations were recorded in the Manta Network crypto derivatives market, with a value of $337.61K in the last 24 hours. Short liquidations followed at $68.04K.

Manta Network Crypto Derivatives Liquidation Chart | Source: Coinglass

Moreover, the derivatives activity saw an uptick, with a rise in the traded volume for the crypto by 58% in the last 24 hours.

This resulted in a traded volume of $219.31M, while the open interest for the crypto decreased by 5.32%, standing at $42.63M. The long/short ratio for the crypto was 0.9048.

MANTA Crypto Derivatives Analysis

The technical analysis of the MANTA crypto price on the daily crypto chart showed a continuous decline in price, forming lower highs, indicating a strong downtrend in the trading price.

Recent price action reveals a formation of the falling wedge pattern as the crypto price declined, followed by a breakout above the pattern.

However, the crypto price showed weakness as a strong resistance level is present at the level of $2.250. Until the crypto price breaks above this level and sustains above it, the crypto is expected to maintain a bearish sentiment.

MANTA/USD Chart by TradingView.com

The price of MANTA crypto traded below the 50-day EMA on the daily crypto chart, indicating a weak crypto trend and the possibility of a further decline in trading prices.

The MACD on the daily crypto chart was also bearish, with the MACD and signal line in a bullish cross but in negative territory.

The RSI on the daily crypto chart hit the level of 50 and broke above the 14-day SMA. If it sustains above the 50-level, it could indicate a surge in crypto momentum.

Summary

MANTA crypto showed a strong downtrend with higher long liquidations and consistent lower highs.

Despite breaking out of a falling wedge, it faces strong resistance at $2.250, trading below the 50-day EMA. MACD and RSI indicators were uncertain, suggesting a continuation of bearish sentiment and potential for further price drops.

On the upside, the crypto resistance lies between $3.05 and $4.08, while support levels were at $0.50 and $1.30.

This article is intended for informational purposes only and does not provide any financial, investment, or other advice. The author or any individuals mentioned in this article are not liable for any financial loss that may arise from investing in or trading cryptocurrencies.