Market Overview for Manta Network/Bitcoin (MANTABTC) on 2025-11-10

Summary

• Price declined over the last 24 hours, closing below the opening level with bearish momentum.
• Volatility expanded during the session, with Bollinger Band width widening.
• RSI remains in oversold territory, suggesting potential for a near-term bounce.
• Volume increased during the afternoon and early evening, indicating heightened interest.

Opening Narrative

Manta Network/Bitcoin (MANTABTC) opened at 1.11e-06 on 2025-11-09 at 12:00 ET and reached a high of 1.16e-06 before closing at 1.12e-06 on 2025-11-10 at 12:00 ET. The 24-hour low was recorded at 1.06e-06. Total traded volume amounted to 440,757.5 units, with a notional turnover of approximately $484.83 (based on BTC price).

Structure & Formations

Price action on the 15-minute chart showed a bearish bias, with several breakdowns below key psychological levels. A bearish engulfing pattern formed around 23:30 ET on 2025-11-09 as the candle closed near its low. A doji appeared at 03:30 ET on 2025-11-10, signaling indecision. Key support levels were observed near 1.06e-06 and 1.07e-06, while 1.14e-06 and 1.16e-06 served as resistance during the rebound attempts.

Moving Averages

On the 15-minute timeframe, price closed below both the 20 and 50-period moving averages, confirming a short-term downtrend. For daily analysis, the 50- and 100-period moving averages crossed below the 200-period MA, indicating a bearish bias in the broader trend. The recent 1.16e-06 high may serve as a resistance on a retest.

MACD & RSI

The MACD crossed below the signal line in the afternoon, confirming bearish momentum. RSI fell below 30 in the early morning, suggesting oversold conditions, but price failed to reverse decisively. A bounce above 1.13e-06 may rekindle bullish sentiment, but a retest of the 1.06e-06 low could see further consolidation.

Bollinger Bands

Volatility expanded significantly as price traded near the lower band for several hours, indicating heightened fear. The width of the bands increased during the bearish phase, suggesting rising uncertainty. Price recently found temporary support at the lower band, but a sustained break below 1.06e-06 could trigger further bearish sentiment.

Volume & Turnover
Volume spiked during the afternoon hours as price declined, suggesting conviction in the bearish move. Turnover also increased in line with volume, confirming the strength of the selling pressure. A divergence between rising volume and falling price suggests ongoing bearish conviction, with no clear signs of immediate reversal.

Fibonacci Retracements

Fibonacci retracements applied to the recent 1.06e-06 to 1.16e-06 swing indicate key levels to watch. The 61.8% retracement level at 1.11e-06 appears to have acted as resistance during the morning rebound. A break above 1.13e-06 (38.2% retracement) could trigger a short-term bullish phase, but a failure to hold above 1.11e-06 may extend the bearish trend.

Backtest Hypothesis

Given the bearish bias observed in MANTABTC over the past 24 hours, the backtest of a simple 3-day MACD Golden Cross strategy appears ill-suited to the current market environment. The strategy's negative total return (-22.4%) and maximum drawdown of -42% underscore the poor risk-adjusted performance. The recent bearish momentum and lack of clear reversal signals make a buy-on-Golden-Cross approach likely to result in losses. Investors may benefit from more conservative strategies that incorporate stop-loss or profit-taking mechanisms, especially in a market exhibiting high volatility and limited upside resistance.