MANTA, ONDO Prices Surge Despite Broader Market Drawdown

The prices of Manta Network (MANTA) and Ondo Finance (ONDO) tokens witnessed a significant increase in the last 24 hours. This jump happened at a time when most of the top cryptocurrencies shed their values.

At press time, MANTA’s price was $2.50, representing an 8.39% spike in the last 24 hours. However, the value was a fall as it had initially hit $2.78 on January 21.

For ONDO, its price rose as high as $0.30 on the same day. But at press time, it had declined to $0.25.

MANTA

A few days back, Coin Editon reported about MANTA, explaining how the cryptocurrency was still in its price discovery stage. With its latest movement, it advanced toward that stage.

According to CoinMarketCap, MANTA’s 24-hour trading volume jumped 99% to $464.34 million. This increase implied interest in buying and selling the cryptocurrency as it has also moved into the top 100.

From the technical perspective, the 1-hour MANTA/USD chart showed that the token was overbought on January 21.

This was because the RSI hit 70.02 before its recent drop to 51.46. If the buying pressure does not return soon, MANTA could drop to $2.25 where there was a lot of demand for it. Should this be the case, it could be another opportunity for traders to grab MANTA at a reduced price.

MANTA/USD 1-Hour Chart (Source: TradingView)

Furthermore, the Moving Average Convergence/Divergence (MACD) had dropped into the negative region, suggesting that sellers had overpowered buyers. However, if selling pressure gets too intense, it could be the catalyst that pushes MANTA back in the $3 direction.

ONDO

In the last seven days, ONDO’s price has increased by 58.48%, fueled by the update provided by Ondo Finance on January 10. At that time, the team launched a tokenized fund allowing stablecoin holders in traditional yield opportunities. Regaring this, the CEO of Ondo Finance, Nathan Allman, said:

We’re delighted to bring to market high-quality, institutional-grade offerings like our tokenized US Treasuries.

However, the same Ondo Finance team seemed to have sold off some tokens, which led to the recent decline. According to SpotOnChain, the team moved $11.1 million of ONDO into KuCoin and Gate.io, indicating that they would liquidate the tokens.

However, the post also noted that the multi-sig wallet still held 146.5 million ONDO tokens. The outcome of the sell-offs had reflected on the price action at press time. At the time of writing, the MACD had turned negative.

Additionally, the 12-day EMA (blue) had crossed below the 26-day EMA (orange), suggesting a bearish momentum for the token. Like the MACD, the Money Flow Index (MFI) also dropped, indicating a notable decrease in capital inflow.

ONDO/USDT 1-Hour Chart (Source: TradingView)

Should this remain the case, ONDO’s price might fall to as low as $0.20. However, it seemed some market players were taking advantage of ONDO’s retracement.
For instance, Lookonchain disclosed that a whale spent some ETH to buy 5.02 million ONDO. If more of this accumulation comes into the market, then ONDO could go on another rally in the coming days.