NewsletterWhy Traders Shorting Manta Network Price As MANTA Plummets
Highlights
- Manta Network bleeds profusely after intense shorts-filled trading this week.
- MANTA price grinds toward a falling wedge pattern breakout.
- The MACD stays bullish encouraging traders to consider buying the dip.
The crypto market is back to where it started at the beginning of the week when Bitcoin tumbled to $60,500. Almost all altcoins are languishing in immense selling pressure following an abandoned recovery on Wednesday. Manta Network price, for instance, is trading 17% lower on Friday at $2.89 barely a day after the token climbed $3.2.
Manta Network is a blockchain protocol that lets users explore ZK on the Ethereum network. It boasts Manta Pacific as the first-ever EVM-equivalent ZK application. According to the Manta Network website, the application stands out for its scalability and security via “ Celestia DA and Polygon zkEVM.”
Manta Network Price Prediction: Is There Relief For MANTA In The Short-Term
MANTA’s retreat started after the token topped out at $4 on March 12. This was an important level, forming a double-top pattern.
The double-top formation, marked by two high points, forecasts a possible downtrend as it reflects increased sell-offs and market fatigue. Investors typically engage in short selling after the pattern is confirmed, setting stop-loss orders just beyond the second high to profit from the expected decline in prices.
Investors who recently shorted Manta Network price below $4 saw their positions turn profitable quickly as the down leg extended the losses to $2.6. Like many cryptos in the market, Manta Network recovered albeit briefly on Wednesday, but as mentioned the uptrend waned at $3.2.
Traders would be considering entering long positions in MANTA going forward, backed by the formation of a falling wedge pattern.
A falling wedge pattern indicates a potential uptrend as it shows diminishing seller influence. Investors may benefit by buying after the price breaks through the pattern, anticipating gains from the subsequent upward movement.
A second confirmation could come from the Moving Average Convergence Divergence (MACD) indicator currently at 0.0206. As the MACD moves above the neutral area, it will signal traders to buy MANTA, pushing the price higher. Some of the key milestones to forward to are the hurdles at $3.4 and the recent double-top at $4.
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