Market Overview: Manta Network/Bitcoin (MANTABTC) on 2025-10-12

• Manta Network/Bitcoin (MANTABTC) declined over 24 hours, closing at 1.08e-06.
• Volatility increased during the midday rebound but failed to break key resistance.
• Volume surged late in the session, signaling potential accumulation or profit-taking.
• RSI indicates moderate oversold conditions, suggesting potential near-term bounce.
• Bollinger Bands remain narrow, hinting at a possible breakout ahead of major levels.

Overview and Context

Manta Network/Bitcoin (MANTABTC) opened at 1.12e-06 on October 11 at 12:00 ET and closed at 1.08e-06 on October 12 at the same time, with a high of 1.23e-06 and a low of 1.05e-06 over the 24-hour window. The total trading volume for the period was 268,833.1, while the notional turnover amounted to approximately 275.91 BTC. The pair appears to have seen a consolidation phase with intermittent volatility, particularly around key resistance and support levels.

Structure & Formations

The price of MANTABTC has shown a bearish trend over the past 24 hours, with a series of lower highs and lower lows. A bearish engulfing pattern was visible early in the session, confirming the downward momentum. A doji formed near the 1.11e-06 level, suggesting indecision among traders and possible support. The 1.08e-06 level is now a critical support zone, and a break below this could lead to further correction toward 1.05e-06.

Moving Averages

On the 15-minute chart, the 20-period moving average (MA) has been above the 50-period MA, indicating a short-term bearish bias. The 50-period MA is currently at 1.10e-06, and the price is below both, reinforcing a downtrend. Over the daily chart, the 200-period MA sits at around 1.15e-06 and is acting as a long-term resistance level. The price remains below the 50 and 100-period MAs, indicating a continuation of bearish sentiment.

MACD & RSI

The 15-minute MACD has remained in negative territory, with the histogram shrinking slightly, suggesting a potential slowdown in bearish momentum. The RSI has dipped into the 30–40 range, indicating near-oversold conditions, and could hint at a possible short-term bounce. However, without a clear reversal pattern or a breakout above the 1.11e-06 level, this may only be a temporary relief rally.

Bollinger Bands

Bollinger Bands have been relatively narrow over the past 24 hours, signaling low volatility. The price has remained within the bands, with the 20-period moving average (lower band) tightening around the key 1.08e-06 support level. The midline of the bands is at 1.10e-06, and the price hovering around this suggests a potential breakout scenario. A widening of the bands could signal an imminent price surge either up or down, depending on the dominant sentiment.

Volume & Turnover

Volume activity has increased significantly in the latter half of the session, with large volume bars at key support and resistance levels. This suggests accumulation or distribution behavior, depending on the direction of price. The notional turnover peaked around 1.06e-06, where price failed to break through. A divergence between rising volume and falling price may indicate exhaustion in the bearish move, though confirmation is needed.

Fibonacci Retracements

Fibonacci retracement levels on the 15-minute chart show the 61.8% level at 1.09e-06, and the 38.2% level at 1.11e-06. The price has bounced slightly off the 61.8% level, suggesting it could serve as a short-term support. On the daily chart, the 50% retracement is at 1.15e-06, acting as a major resistance zone. A break above this could indicate a shift in sentiment from bearish to neutral.

Backtest Hypothesis

The backtest strategy described involves using a combination of RSI divergence and Bollinger Band contractions as entry signals. When RSI is in oversold territory and the price is near a contracting Bollinger Band, the strategy assumes a short-term reversal may occur. Over the past 24 hours, MANTABTC has shown clear RSI divergence and a narrowing band, making it a candidate for the strategy. However, the failure to break above key resistance levels suggests additional confirmation via volume or price action may be needed before executing a trade.