MANTA Cryptocurrency Displays Strong Buying Activity Amid Fluctuations
MANTA’s Market Forecasts Despite Price Fluctuations
Despite concerns about a short-term bearish trend, the cryptocurrency MANTA has maintained strong buying activity in the spot markets. The market structure of MANTA has shifted bearish on the lower timeframes, while the momentum and volume indicators continue to support a bullish tendency.
Short-term bearish market structure
After a 7% drop on January 28, the short-term market structure of MANTA has turned bearish. However, the price has since recovered, offsetting most of these losses. The listing of MANTA on major exchanges over the past week was accompanied by a massive increase in Total Value Locked (TVL). Although the official airdrop took place on January 18, the bullish sentiment has started to wane.
Implications of the bearish chart pattern
The one-hour price chart of MANTA shows that the recent lower high of $3.565 was broken at the time of press. This means that the short-term market structure is bearish. However, the $3.33-$3.45 zone was a demand zone where prices were consolidated on January 26 before moving higher. The $3.8 zone was highlighted by the red box to mark a bearish order block. This is a supply zone that MANTA is likely to retest before a downtrend.
Speculation fluctuations and market sentiment
The trading activities of the past 24 hours saw MANTA fall and then rise again. Nevertheless, the open interest chart has shown a downward trend since January 27. This suggests that market sentiment is bearish in the short term. Despite a brief drop on January 28, the Spot CVD has continued to show an upward trend. The buying activity in the spot markets remained strong, undermining the idea of a short-term bearish trend for MANTA.
Conclusion
Despite the short-term bearish market structure and bearish sentiment, buying activity for MANTA remains strong. Buyers might wait for a rise above $3.89 and a retest of the same to enter in the long term. However, it should be noted that the information presented here does not constitute financial, investment, trading, or any other types of advice and solely reflects the author’s opinion.
Source: AMBCrypto
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