The prices of Manta Network (MANTA) token witnessed a significant increase in the last 24 hours. This jump happened at a time when most of the top cryptocurrencies shed their values.
At press time, MANTA’s price was $2.50, representing an 8.39% spike in the last 24 hours. However, the value was a fall as it had initially hit $2.78 on January 21.
MANTA
A few days back, TopCryptoNews reported about MANTA, explaining how the cryptocurrency was still in its price discovery stage. With its latest movement, it advanced toward that stage.
According to CoinMarketCap, MANTA’s 24-hour trading volume jumped 99% to $464.34 million. This increase implied interest in buying and selling the cryptocurrency as it has also moved into the top 100.
From the technical perspective, the 1-hour MANTA/USD chart showed that the token was overbought on January 21.
This was because the RSI hit 70.02 before its recent drop to 51.46. If the buying pressure does not return soon, MANTA could drop to $2.25 where there was a lot of demand for it. Should this be the case, it could be another opportunity for traders to grab MANTA at a reduced price.
Furthermore, the Moving Average Convergence/Divergence (MACD) had dropped into the negative region, suggesting that sellers had overpowered buyers. However, if selling pressure gets too intense, it could be the catalyst that pushes MANTA back in the $3 direction.