Current Trends and Technical Outlook of Manta Network (MANTA)
Manta Network (MANTA) is currently exhibiting an upward trend, with its price movement positioned above an ascending trend line, indicating a performance that surpasses expectations. The cryptocurrency is well placed between the Bollinger Bands, specifically in the upper half, suggesting a solid stance between the central line at $4.1428 and the upper band at $3.51.
Despite the prevailing upward momentum, the Relative Strength Index (RSI) indicates a potential slowdown. This calls for a cautious approach as a downward cross of the RSI signal line (yellow band) could signal an impending sell-off.
Should MANTA’s price relinquish the $3.51 support level, it could lead to a decline of up to 10% from current levels. However, strong support is provided by the ascending trend line and horizontal support at the $3.25 level.
Balancing Bullish and Bearish Scenarios
Despite bearish indicators, the RSI currently stands at 67, hinting at positive price strength. This leaves room for further upward movement before reaching the overbought zone at 70. Increased buying momentum could push MANTA’s price beyond the Bollinger Band’s upper limit, potentially reaching $3.80.
To invalidate the bearish scenario, MANTA’s price needs to successfully surpass the high range of $3.70 and establish a new high above this level. At the time of writing, MANTA’s price has exceeded this threshold.
As Manta Network’s price dynamics unfold, investors are advised to remain vigilant of potential momentum shifts, maintaining a delicate balance between bullish and bearish scenarios, which is crucial for making informed decisions in the cryptocurrency market.