MANTA is showing signs of potential weakness as it trades near a critical support level. Technical observations highlight that the token is moving within a descending triangle pattern, which could lead to a further decline if support fails. Analysts are awaiting a clear breakout or breakdown.
At the time of writing, MANTA is trading at $0.196 with a 24-hour trading volume of $20.52 million and a market capitalization of $87.81 million. In the past 24 hours, the token has seen a modest gain of 0.54%.
Prominent crypto analyst Alfa Crypto Signal noted that MANTA is ranging within a downtrending triangle pattern on the daily chart, a setup traditionally related to potential declines. The market has been tightening around the lowest boundary, a sign of weakness and a potential breakdown.
MANTA is at a crossing point, and a confirmed breakdown below this level can be used to trigger additional losses and provide a potential near-term setup to those paying close attention. For now, though, it will be required to closely observe the coin and wait for a clean breakout or breakdown before making a call.
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MANTA recorded a higher trading volume of 15.91% at $24.15 million, a sign of increased market activity. Open interest went down, however, dropping -2.85% to $13.58 million, a signal that speculative positions were closed despite higher trading volume. This scenario suggests that while active investors still lurk around, many speculators keep closing positions but aren’t opening new ones.
OI-weighted index registers a paltry 0.0055%, a defensive positioning signal in derivatives investors. That reflects investors’ minimal confidence in leveraged calls, a preference for shorter-term shifts rather than solid directional calls.
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