Manta Network (MANTA) is moving in a bearish-to-bullish setup, as bulls are taking control in the market after the recent downward phase. The MANTA price has surged by 3.37% over the last 24 hours and 4.09% over the last week.
According to CoinMarketCap, MANTA is trading at $0.07034, supported by a trading volume of $8.52 million, which has surged by 46.4% over the last 24 hours. Furthermore, its market capitalization stands at $32.71 million, which has also climbed by 3.35%.
Source: CoinMarketCap
Also Read: Manta Network Retests Trendline, Targets $0.47 in Bullish Setup
MANTA Could Surge to $0.56 If $0.06 Holds Strong
However, MANTA is drawing attention as it tests the upper boundary of a falling wedge on the 3-day chart. According to the crypto analyst Jonathan Carter, falling wedges often precede bullish reversals, signaling potential upside momentum.
Traders are monitoring closely, anticipating whether a breakout could trigger renewed buying interest and set the stage for significant price movement in the near term.
Technical analysis also points to various price targets that MANTA may reach in case the breakout is successful. The price targets are 0.10, 0.15, 0.23, 0.33, and 0.56.
Each of these price targets is a level of resistance, ranging from short-term to long-term gains. Investors are weighing all this information and are trying to take advantage of this situation.
Source: Jonathan Carter’s X Post
Despite this positive outlook, it is still important to exercise caution. For this purpose, it is suggested that a stop-loss level be set at $0.06.
Considering that MANTA is nearing its wedge resistance level, it is an appropriate time to anticipate a volatile market. It is suggested that investors keep an eye on the movement of the token.
Momentum Indicators Suggest a Trend Reversal Ahead
According to TradingView, the relative strength index is currently at 54.29, which is well above the 50-mark. This shows that finally, buying momentum is taking over from selling pressure after a local bottoming out process.
As the RSI line has crossed above its yellow line and is still well below the overbought level of 70, there is a lot of room for further upside in the asset.
Source: TradingView
The MACD indicates a strengthening recovery trend as the blue line crosses above the orange line. This is confirmed by the histogram turning into green bars, indicating accelerating positive trends.
Although the MACD is still below the zero line, the increasing gap between the two lines indicates a trend reversal from previous low points in February.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: MANTA Faces Critical Support Test Amid Downtrending Triangle Pattern
