YEREVAN (CoinChapter.com) — Manta Network’s token has jumped 15% in the last 24 hours to $2.78. The price rise accompanied a 40% rise in trading volumes, signifying active bull interest for the altcoin.
MANTA Coin To Decline?
The detailed 1-hour chart shows that MANTA/USDT could slide in the coming session. The token traded within a channel after its launch on Jan 18. The setup features two parallel trendlines that enclose the price action and prevent sharp breaks.
The channel does not predict a bias once either trendline is broken. However, it could help determine short-term fluctuations. As of Jan 24, the chart shows that the token price retested the resistance line, which could prompt an approximately 18% pullback move toward the channel’s support.
The MANTA relative strength index (RSI) also rose above 70 on the hourly chart. As RSI is a gauge of profitable market entry and exit points, an ‘overbought’ RSI prompts traders to secure their gains. If they follow the oscillator and sell, a correction will follow. The pattern played out the previous two times MANTA’s RSI crossed above or got close to 70.
Notably, it is not uncommon to see crypto tokens rise sharply despite the overbought RSI. However, coupled with the resistance retest, MANTA could correct before another leg up.
Will Booming TVL Inspire Bulls?
According to DeFi tracing platform DeFiLlama, Manta’s total value peaked at $440 million on Jan 23. Despite correcting to $423 million on Jan 24, the network flipped major players in the DeFi game, such as Cardano, Aptos, Sui, and Thorchain.
Additionally, leading platforms on the Network scored double and triple-digit gains in TVL the previous month. While TVL doesn’t directly translate to a token uptrend, it does indicate high investor confidence and willingness to park their cash with MANTA, which could ultimately result in higher token prices.
Notably, the uptrend occurred despite the Network facing several problems following the issuance and listing of its MANTA token. CoinChapter reported that the Manta Network token issuance event experienced a targeted Distributed Denial of Service (DDoS) attack on Jan 18. The assault coincided with listing the MANTA governance token on prominent exchanges like Binance, Bithumb, and KuCoin.
A distributed denial-of-service (DDoS) attack is a cyber attack that disrupts the normal traffic of a targeted server, service, or network by overwhelming the target or its surrounding infrastructure with a flood of Internet traffic.
