Manta Network/Bitcoin 24-Hour Market Overview

• Price tested 1.60e-6 resistance twice with mixed conviction
• Volatility spiked during 17:30–18:15 ET as price rose to 1.63e-6
• On-balance volume surged in midday before fading
• RSI and MACD signaled weak momentum with no overbought/oversold extremes
• Bollinger Bands showed a modest expansion as price drifted lower in the last 6 hours

Market Overview

Manta Network/Bitcoin (MANTABTC) traded between 1.55e-6 and 1.63e-6 over the 24-hour period from 2025-10-06 12:00 ET to 2025-10-07 12:00 ET. The pair opened at 1.57e-6, reached a high of 1.63e-6, and closed at 1.49e-6. Total traded volume amounted to 54,270.2 MANTA, while notional turnover remained constrained due to the small BTC value of the pair.

The price structure appears to suggest a lack of directional conviction, with buyers attempting but failing to push the price above the 1.60e-6 psychological level multiple times. Sellers took control in the latter half of the period, pulling the price down to a 24-hour low at 1.49e-6. The total traded volume shows a moderate level of participation, particularly during the key 17:30–18:15 ET window when price reached its peak.

Structure & Formations

Key support and resistance levels emerged during the 24-hour period. The 1.60e-6 level acted as a notable resistance, successfully repelling two buying attempts with bearish candlestick formations. A large bullish engulfing pattern briefly appeared around 18:15 ET, pushing the price to 1.63e-6, but failed to hold. On the downside, the 1.55e-6 level served as a key support, with the price bouncing slightly off this level twice but showing weak follow-through. A bearish hanging man pattern was observed around 13:45 ET, indicating early bearish sentiment.

Moving Averages

On the 15-minute chart, the price crossed both the 20-period and 50-period moving averages multiple times, suggesting choppy and indecisive conditions. The 50-period MA acted as a temporary support during the afternoon but failed to provide lasting stability. On the daily chart, the price remained below both the 50-period and 100-period MAs, while the 200-period MA offered a distant resistance to the upside. This suggests a continuation of the bearish bias over a longer horizon, with no immediate reversal signs.

MACD & RSI

Both the MACD and RSI indicators showed weak momentum throughout the 24-hour period. The MACD line remained below the signal line, with no clear divergence indicating strength or weakness. The RSI hovered between 40 and 55, avoiding overbought or oversold territory. This suggests that the market lacked strong directional bias and was in a consolidation phase. There were no significant spikes or divergences to indicate potential turning points.

Bollinger Bands

Bollinger Bands showed a modest expansion during the midday hours, coinciding with the price reaching its high. The price spent most of the day within the band, with occasional touches to the upper and lower boundaries but no strong breakouts. This pattern is consistent with a range-bound market and suggests that volatility remains limited. Traders may want to monitor the bands for potential breakout opportunities in the coming 24 hours.

Volume & Turnover

Volume spiked significantly during the 17:30–18:15 ET window as the price reached its high, reaching a peak of over 9,800 MANTA. However, volume quickly faded, with little follow-through. This divergence between price and volume suggests that the buying pressure was not sustainable. Turnover remained modest throughout, with no major divergences to signal strength or weakness. The overall trading activity indicates a lack of conviction in either direction.

Fibonacci Retracements

Fibonacci retracement levels applied to the most recent 15-minute swing (from 1.55e-6 to 1.63e-6) showed that the price tested the 61.8% retracement level around 1.58e-6. This level acted as a temporary support before the price continued its decline. On the daily chart, the 38.2% and 61.8% levels remain relevant as potential areas of interest for both buyers and sellers in the coming 24 hours.

Backtest Hypothesis

A potential backtesting strategy could focus on using the 20-period and 50-period moving averages to identify short-term directional bias. Given the recent oscillation between these indicators and the weak RSI readings, a mean-reversion strategy could be tested where trades are initiated when the price moves outside the Bollinger Bands and closes back inside. A stop-loss could be placed at the nearest Fibonacci retracement level (38.2% or 61.8%), while take-profit levels could be aligned with key support and resistance levels.