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Manta Network (MANTA), Shiba Inu ($SHIB), and FTX Token ($FTT) are among the top cryptocurrencies to command considerable attention this week.
- Manta is currently trading at $3.54.
- Shiba Inu, $0.0000091342
- $FTT, $2.80
$SHIB, $FTT - 1"> MANTA clinches new ATHs
Manta Network launched its native token MANTA last week, with a total supply of 1 billion tokens and a 2% annual inflation rate. The token has been positioned for purposes bordering on fees, staking and liquidity.
MANTA opened trading on Jan. 18 with a $0.05 price. It continued to appreciate in value. The asset eventually rallied by a massive 6,559% to a new all-time high of $3.33 that day. Despite a correction that ensued following the $3.33 high, MANTA retained most of its gains, closing Jan. 18 with a 4,240% rise.
The days that followed were marked by drops and upswings, but the token maintained a general uptrend. MANTA sustained this uptrend into this week despite recording a massive 8.89% decline on Jan. 22, its largest intraday drop.
The asset recovered these losses, securing a new all-time high on Jan. 28, as it rallied to $3.89 amid another batch of consistent daily gains. MANTA has secured eight intraday gains in 11 days, as it looks to rally its way into the limelight. The token surged 34% this past week.
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Shiba Inu guns for $0.00001
Shiba Inu’s recent price movements were a direct reflection of the condition of the broader market. Notably, Bitcoin (BTC) experienced a massive collapse on Jan. 22, slumping below the pivotal $40,000 level for the first time this year.
As the firstborn crypto asset dropped, the rest of the market followed. The global crypto market cap dropped below $1.6 trillion, as most cryptocurrencies recorded substantial dips. Shiba Inu was not spared in the onslaught. It relinquished the $0.000009 level, closing Jan. 22 at $0.00000893.
The selling pressure spilled into the next day, compounding the market collapse. $SHIB saw further drops, collapsing to $0.00000843, its lowest value since Jan. 3. However, a market resurgence ensued shortly after, introducing enough strength to help Shiba Inu recover $0.000009.
The asset has recorded consecutive intraday gains since Jan. 26, as it flips to the $0.000009 territory of support. $SHIB hit a high of $0.00000925 today, but met resistance that saw it drop slightly to $0.00000920. The token aims to reclaim the $0.00001 zone, but it would need to first conquer the resistance points at $0.00000955 and $0.00000981.
$FTT looks to form bullish double-bottom
The FTX Token was also subject to the fluctuations of the broader market despite being relegated to the background following the FTX collapse.
However, $FTT stood out, as it aimed to form a bullish double-bottom pattern on the daily timeframe.
A double bottom pattern occurs when the price of an asset collapses to a low point amid a downturn, registers a recovery from this low point, and then faces another correction to the same low point or a slightly higher low.
The pattern suggests an imminent end to the downtrend, and a potential reversal.
$FTT formed the first bottom when it declined to a low of $2.31 on Jan. 8. However, the asset recovered beyond this point, rallying to a high of $3.47 on Jan. 12. The asset consolidated at the top, but held above the $2.9 support until Jan. 18.
$FTT dropped to a low of $2.47 earlier this week — a level slightly higher than the $2.31 low from Jan. 8. This drop essentially formed the second bottom. A double bottom is confirmed when the asset recovers again to form a neckline at the top.
The FTX Token aims to form this neckline amid the recent market recovery that ensued three days ago. $FTT currently trades for $2.79. The token would need to surge above the $3.2 price to confirm the formation of the double bottom. This confirmation could indicate the start of a more substantial recovery campaign.
Read more: Tokens surge double digits as Bitcoin shrugs GBTC stream