Market Overview for Manta Network/Bitcoin (MANTABTC) on 2025-10-04

• Price declined from 1.59e-06 to 1.53e-06 over 24 hours, closing near the session low.
• Volume dropped significantly after midday, with no confirmation of price strength in the last 6 hours.
• RSI and MACD both pointed to bearish momentum, with RSI indicating oversold conditions near 30.
• Bollinger Bands showed mild contraction earlier but expanded as the price approached the lower band.
• No bullish candlestick patterns emerged, while distribution was evident in the final 4 hours.

The 24-hour session for Manta Network/Bitcoin (MANTABTC) opened at 1.57e-06 on 2025-10-03 at 12:00 ET and closed at 1.53e-06 on 2025-10-04 at 12:00 ET. The price reached a high of 1.59e-06 and a low of 1.50e-06, indicating a bearish trend with limited recovery attempts. Total volume across the 24-hour period was 165,648.3, and total turnover amounted to approximately 0.258 BTC.

Structure & Formations

Price action formed a descending channel with key support at 1.53e-06 and resistance at 1.57e-06. A bearish engulfing pattern was observed near 1.59e-06, signaling a potential reversal of a short-term rally. A doji formed near 1.56e-06 in the early hours, indicating indecision. Price then consolidated near the lower end of the channel, failing to break above 1.55e-06 in the final hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remained bearish, with the 20 MA crossing below the 50 MA (death cross) in the early hours of the session. This reinforced the downward trend. On the daily chart, the 50-period MA sat below both the 100 and 200-period MAs, suggesting bearish momentum remains intact over a broader timeframe.

MACD & RSI

MACD remained bearish throughout, with both the line and signal below zero, and the histogram showing increasing bearish divergence. RSI reached an oversold level near 30 in the final hours, suggesting a potential short-term bounce could be in the cards. However, the lack of volume to confirm this rally suggests bearish bias may still dominate.

Bollinger Bands

Bollinger Bands initially showed a period of contraction, indicating a quiet market phase, but expanded as the price moved closer to the lower band. This expansion indicated rising volatility, especially in the final hours as the price hovered near support. The price spent much of the session near or below the lower band, reinforcing bearish sentiment.

Volume & Turnover

Volume activity was highest early in the session, with significant trades pushing the price down to 1.56e-06. The highest 15-minute volume was recorded at 15752.4, supporting the bearish move near 1.53e-06. In contrast, volume dropped significantly in the final 6 hours, despite a minor rebound to 1.54e-06. This volume divergence suggests weak conviction in the price action. Turnover followed a similar pattern, with no strong confirmation of a reversal in the last part of the session.

Fibonacci Retracements

Applying Fibonacci levels to the 15-minute swing from 1.59e-06 to 1.50e-06, key levels include 1.57e-06 (38.2%) and 1.54e-06 (61.8%). Price tested both these levels but failed to hold above them. On the daily timeframe, retracements from the previous high to the recent low also showed support at 1.53e-06, aligning with the final closing level.

Backtest Hypothesis

The proposed backtesting strategy involves a short bias when price closes below the 50-period MA on the 15-minute chart, confirmed by volume expansion and a bearish MACD crossover. A stop-loss would be placed at the nearest resistance (1.56e-06), and a target would be set at the next Fibonacci level (1.50e-06). Today’s session aligned with this strategy early on, as the price closed below the MA with increasing volume and a bearish MACD. However, the lack of follow-through in the final hours raises questions about the strategy’s effectiveness without additional confirmation or volume support.