Market Overview for Manta Network/Bitcoin (MANTABTC) – 2025-09-21

• Price action drifted lower with a defined support level forming near 1.84e-06.
• Volume remained subdued until the late morning, with a moderate increase in turnover post 06:15 ET.
• A bullish attempt post 06:15 ET failed to close above the 1.9e-06 level, indicating resistance.
• RSI and MACD showed divergence in the late session, signaling possible momentum fatigue.
• Volatility expanded slightly during the morning surge, with price testing upper Bollinger levels.

Manta Network/Bitcoin (MANTABTC) opened at 1.87e-06 (12:00 ET – 1) and reached a high of 1.91e-06 during the session, falling to a low of 1.83e-06 before closing at 1.84e-06 at 12:00 ET. Total volume for the 24-hour period was 42,155.0, with a notional turnover of ~$76.11 (based on BTC price assumptions). The session featured several attempts at bullish reversals, but key resistance levels limited upward progress.

Structure & Formations

Price action displayed a series of small bearish consolidations throughout the session, forming a descending triangle pattern on the 15-minute chart. A key support zone became visible at 1.84e-06, which was tested multiple times without being broken. A notable bearish engulfing pattern formed around 08:00 ET, confirming downward momentum. A doji candle appeared at 10:00 ET, indicating indecision among traders and a potential short-term reversal point. The price eventually found a floor near 1.83e-06 in the early morning, suggesting a possible near-term low in the absence of further selling pressure.

Moving Averages and Momentum

On the 15-minute chart, the 20 and 50-period moving averages were closely aligned, reflecting tight consolidation. The 50-period MA crossed below the 20-period MA at 09:30 ET, signaling a short-term bearish bias. The 50-period MA on the daily chart remained in a slightly bearish position, below the 100 and 200-period lines, reinforcing the bearish sentiment. Momentum, as seen in the MACD and RSI, showed signs of fatigue, with RSI dipping into oversold territory in the early morning before bouncing back slightly. However, this bounce did not confirm a reversal, and RSI remained below 50 for most of the session.

Volumes and Bollinger Bands

Volume activity was largely muted until 06:15 ET when a sharp increase in notional turnover indicated a bullish attempt. This led to a modest expansion in volatility, with price briefly touching the upper Bollinger Band. However, the move failed to hold, and the price fell back toward the lower band by mid-morning. The lower Bollinger Band acted as a temporary floor, but the price did not close above the middle band, indicating ongoing uncertainty. The divergence between volume and price during the afternoon, with no significant volume supporting a bullish breakout, suggested weakening conviction among buyers.

Fibonacci Retracements and Key Levels

Applying Fibonacci retracement levels to the most recent swing high (1.91e-06) and swing low (1.83e-06), the key levels were 1.87e-06 (38.2%) and 1.84e-06 (61.8%). The 61.8% level coincided with the price floor observed in the early morning, and it held as a support level until the final hour. A break below this level would likely trigger further consolidation toward the next Fibonacci level or a test of the 1.82e-06 area. Conversely, a retest of the 1.87e-06 resistance could trigger short-covering and a potential rally into the 1.90e-06 range.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on the 15-minute chart when price closes above the 61.8% Fibonacci level at 1.84e-06, with a stop-loss placed slightly below this level. Alternatively, short positions could be initiated when price closes below 1.84e-06, with a target at 1.82e-06 and a stop just above the 1.84e-06 level. The strategy could also incorporate MACD crossover signals on the 15-minute chart to confirm momentum, ensuring that trades align with the dominant trend. This approach would focus on low-risk, high-probability setups in a volatile environment, leveraging Fibonacci and momentum indicators for precision.