Market Overview: Manta Network/Bitcoin (MANTABTC) – Volatile 24-Hour Session with Sharp Selloff and Rebound

• Manta Network/Bitcoin (MANTABTC) opened at $0.00000147 and closed at $0.00000107 after a volatile 24-hour session with a high of $0.00000147 and low of $0.00000040.
• Price experienced a sharp selloff after 19:30 ET, dropping nearly 90% to hit a 24-hour low at $0.00000040, before partially recovering.
• Despite a rebound in the final hours, total volume surged past 700,000 MANTA, signaling heightened market activity.
• RSI reached oversold levels, while Bollinger Bands showed significant contraction before the selloff, indicating potential for a reversal or continuation.
• No clear bullish candlestick patterns emerged, but bearish momentum appeared to stall during the recovery phase.

Manta Network/Bitcoin (MANTABTC) opened at $0.00000147 on October 10 and closed at $0.00000107 the following day, with a high of $0.00000147 and a low of $0.00000040. Total volume for the 24-hour period was over 700,000 MANTA, while total turnover reached approximately $1,050 (based on average price and trade volume). The pair exhibited significant volatility, including a sharp selloff after 19:30 ET and a partial rebound overnight.

Structure and formations reveal a key bearish breakdown from the $0.00000145 resistance level, followed by a dramatic drop to the support zone near $0.00000040. A bearish engulfing pattern formed around the 19:30 ET timeframe, confirming the downward move. A doji appeared near the end of the session, indicating possible indecision in the market. The price has since stalled around $0.00000107, suggesting a potential short-term support.

MACD lines showed a bearish crossover prior to the selloff, and RSI dipped below 20, suggesting oversold conditions. Bollinger Bands were narrow before the sharp decline, indicating compressed volatility. Price then broke well below the lower band, signaling increased bearish momentum. On the 15-minute chart, the 20-period MA crossed below the 50-period MA, reinforcing the downtrend.

Volume spiked dramatically during the selloff, particularly around the 19:30 ET candle where over 38,000 MANTA traded hands. However, the rebound in the final hours saw moderate volume without a corresponding increase in turnover, hinting at a possible lack of conviction in the upward move. The price-volume divergence may suggest that the rally is under pressure.

Fibonacci retracements on the recent 15-minute move from $0.00000147 to $0.00000040 show the 38.2% retracement at approximately $0.00000105 and the 61.8% at $0.00000100. Price currently sits near the 38.2% level, indicating that traders may watch this area for further directional clues.

Backtest Hypothesis
Given the sharp bearish move and the subsequent partial rebound, a potential strategy could involve shorting on a retest of the $0.00000105–$0.00000107 level with a stop above the doji’s high at $0.00000107. A target could be set near the next Fibonacci level at $0.00000100 or the earlier support near $0.00000040, provided volume confirms the move. Alternatively, a long setup could be triggered if the price breaks above the recent high of $0.00000107 with increasing volume, suggesting a reversal in bearish momentum. This approach uses key levels identified via Fibonacci, MACD, and volume patterns to structure trades.