Market Overview: Manta Network/Bitcoin (MANTABTC) 24-Hour Analysis

• MANTA/Bitcoin traded in a tight range (1.44–1.51e-6), ending near the 24-h low amid low volume and consolidation.
• A bearish 1.50e-6 rejection was observed, followed by a 1.47e-6–1.44e-6 breakdown with potential for further support testing.
• Momentum indicators suggest oversold conditions at the 24-h low, hinting at potential near-term buyers.
• Volatility remains compressed within Bollinger Bands, signaling possible breakout conditions.

Opening Summary

Manta Network/Bitcoin (MANTABTC) opened at 1.49e-6 (12:00 ET-1), reached a high of 1.51e-6, and closed at 1.44e-6 by 12:00 ET on 2025-10-08. The pair traded between 1.44e-6 and 1.51e-6 during the 24-hour period, with a total volume of 94,543.5 and a turnover of approximately $134,288 (assuming $100k BTC). The price action reflects a bearish consolidation pattern with a breakdown below key support levels.

Structure & Formations

The 15-minute chart showed a gradual breakdown from the 1.50e-6 resistance, which failed to hold on multiple retests. A bearish engulfing pattern was observed at 1.50e-6, followed by a series of lower highs and lower lows from 1.48e-6 to 1.44e-6. The breakdown confirmed a key support level had been lost, and the price now appears to be targeting the next psychological level at 1.40e-6. A doji at 1.44e-6 suggests possible short-term indecision but does not yet confirm a reversal.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages have moved lower in line with the breakdown, with price currently below both, suggesting a bearish bias. The 200-period moving average on the daily chart also remains above the current price, indicating the pair is in a medium-term downtrend. A retest of the 50-period SMA may offer a potential counter-trend setup.

MACD & RSI

The MACD on the 15-minute chart shows a bearish divergence with price, indicating weakening bullish momentum. RSI has fallen into oversold territory (<30) at the 1.44e-6 level, suggesting the pair may find some near-term support. However, a failure to generate a bullish divergence in RSI could result in a continuation of the bearish trend toward 1.40e-6.

Bollinger Bands

Volatility has remained compressed within the Bollinger Bands for the majority of the 24-hour period, indicating a consolidation phase. Price briefly tested the upper band at 1.50e-6 before rolling down to the lower band, where it found temporary support. A breakout above the upper band would signal a potential reversal, while a continued move below the lower band could accelerate the downtrend.

Volume & Turnover

Volume spiked at the 1.50e-6 level as the pair rejected resistance but then declined significantly following the breakdown to 1.47e-6. This suggests that selling pressure may have been limited during the downward move. Notional turnover remained muted, indicating low conviction in the bearish move. A volume surge on a retest of 1.47e-6 could signal a stronger bearish bias.

Fibonacci Retracements

Applying Fibonacci to the recent 1.44e-6–1.51e-6 swing, the 38.2% level sits at 1.477e-6, and the 61.8% level at 1.465e-6. These levels have already been tested, with the price currently trading near the 61.8% retracement. A break below 1.44e-6 would target the next Fibonacci level at 1.416e-6. A rebound above 1.477e-6 could trigger a retracement to 1.495e-6.

Backtest Hypothesis

A backtesting strategy based on Fibonacci retracement levels and RSI divergence may offer potential for short-term traders. Specifically, entering a short position on a breakdown of the 1.44e-6 level with a stop above the 1.47e-6 Fibonacci level and a target at 1.41e-6 could be viable. A counter-trend long entry on a bullish RSI divergence near the 1.44e-6 support may also be considered. The strategy should be tested over multiple cycles to assess its robustness, particularly in low-volatility environments like the current one.