Market Overview for Manta Network/Bitcoin (MANTABTC): A 24-Hour Technical Summary

• Price opened at $1.82e-06 and closed at $1.78e-06, down 2.2%.
• A bearish engulfing pattern emerged mid-day, confirming a shift in sentiment.
• Volume spiked during key selloffs, reinforcing bearish bias.
• RSI entered oversold territory near 30, suggesting short-term reversal potential.
• Bollinger Bands showed a slight contraction, indicating potential for increased volatility.

Manta Network/Bitcoin (MANTABTC) opened at $1.82e-06 on 2025-09-10 at 12:00 ET, reached a high of $1.85e-06, a low of $1.77e-06, and closed at $1.78e-06 on 2025-09-11 at 12:00 ET. Total 24-hour trading volume amounted to 34,399.6 units, with a notional turnover of approximately $62.78. The pair showed a clear bearish bias over the period, with strong selling pressure emerging in the late ET afternoon.

Structure & Formations

The pair formed a bearish engulfing pattern at 07:15–07:30 ET, where a large red candle engulfed the preceding green candle, signaling a strong reversal to the downside. A series of lower highs and lower lows from 19:15 ET onward confirmed the breakdown of the $1.82e-06 resistance level, with the price finding support at $1.77e-06. A doji appeared at 09:15 ET, hinting at indecision before the final leg down. Key support levels include $1.77e-06 (tested twice) and $1.75e-06, while $1.82e-06 to $1.85e-06 remains a critical resistance cluster.

Moving Averages

On the 15-minute chart, the 20-period SMA crossed below the 50-period SMA at 09:30 ET, forming a death cross. This reinforced the bearish momentum that had been building throughout the day. On the daily chart, the price remains below the 50-period SMA, with the 100 and 200-period SMAs also acting as overhead resistance. The current price of $1.78e-06 suggests the pair may need to retest the 50-day SMA for confirmation of a potential rebound or a further breakdown.

MACD & RSI

The MACD crossed below the signal line in the early hours of ET and remained in negative territory throughout the session, confirming bearish momentum. RSI reached a low of 30 near the 15:15 ET candle, indicating the pair is entering oversold territory. This could suggest short-term buyers may enter the market for a potential bounce, although a retest of $1.75e-06 may be necessary to confirm bearish continuation.

Bollinger Bands

Volatility appeared to contract between 05:00 and 09:00 ET, with the price trading tightly within the bands. However, the bands expanded after 09:30 ET as the selloff intensified. The price has since closed near the lower band at $1.77e-06, indicating short-term oversold conditions and a potential bounce. If the price remains below the midline, it may signal further consolidation to the downside.

Volume & Turnover

Trading volume surged during the selloffs, particularly around 09:30–10:30 ET and 14:45–15:30 ET, confirming bearish conviction. Turnover also increased in tandem with volume, showing no significant divergence in price and volume. The largest single 15-minute turnover was recorded at 09:45 ET ($1.11 million), driven by a large sell-off from $1.82e-06 to $1.83e-06. This reinforces the view that institutional or algorithmic selling pressure was a key driver of the breakdown.

Fibonacci Retracements

On the 15-minute chart, the recent swing high at $1.85e-06 and the swing low at $1.77e-06 define key retracement levels. The 61.8% retracement level is at $1.81e-06, which has acted as resistance during multiple attempts to rally. The 38.2% level is at $1.82e-06, which may act as a potential support if the price stabilizes. Daily Fibonacci levels suggest a target range between $1.74e-06 and $1.78e-06 for the next 24–48 hours, depending on volume confirmation.

Backtest Hypothesis

A potential backtesting strategy could involve identifying bearish engulfing patterns confirmed by a death cross of the 20/50-period SMAs and a MACD crossover into negative territory. Given the current price structure, a sell signal could be triggered on a close below $1.77e-06, with a stop loss above $1.82e-06 and a profit target near $1.74e-06. This strategy would be tested across similar 15-minute candle patterns over the past 30 days to evaluate its robustness and risk-reward ratio in both trending and ranging conditions.