fxstreet.com
- Manta Network price is trading below the centerline of the Bollinger indicator amid falling momentum.
- MANTA could drop 10% to test the most critical support due to the 61.8% Fibonacci level at $2.4379.
- A break and close above the 78.6% Fibonacci level at $3.0848 would invalidate the bearish thesis.
Manta Network (MANTA) price has recorded significant volatility over the past few days as investor attention shifted to low market capitalization tokens as they awaited Bitcoin (BTC) price to break consolidation.
Manta Network price eyes 10% drop
Manta Network (MANTA) price could fall 10% to the critical Fibonacci retracement level, the 61.8% at $2.4379. The bearish outlook comes as the altcoin remains within the lower section of the Bollinger indicator, confronting resistance due to its centerline at $3.0044.
The Relative Strength Index (RSI) is inclined south, showing that momentum is falling, accentuating the bearish thesis.
If the bears have their way, the Manta Network price could extend a leg down to the 50% Fibonacci level at $1.9836. An extended fall could send the altcoin to the 38.2% Fibonacci level of $1.5293, or in a dire case, slump to the 23.6% retracement level at $0.9672.
MANTA/USDT 1-day chart
Conversely, if the bulls show resolve, the Manta Network price could push north, overcoming resistance due to the centerline before confronting the 78.6% Fibonacci level at $3.0848. A decisive candlestick close above this level would invalidate the bearish thesis.
In a highly bullish case, the gains could see the Manta Network price extend the gains to fill the market range at $3.9087. Such a move would denote a 40% climb above current levels.