bitcoin
bitcoin

$72288.24 USD 

0.78%

ethereum
ethereum

$2707.28 USD 

3.13%

tether
tether

$0.999720 USD 

-0.03%

bnb
bnb

$600.47 USD 

-0.93%

solana
solana

$175.30 USD 

-2.26%

usd-coin
usd-coin

$0.999899 USD 

-0.05%

xrp
xrp

$0.525076 USD 

0.13%

dogecoin
dogecoin

$0.168673 USD 

-0.02%

tron
tron

$0.168936 USD 

2.06%

toncoin
toncoin

$5.01 USD 

-0.37%

cardano
cardano

$0.355549 USD 

2.29%

shiba-inu
shiba-inu

$0.000019 USD 

-0.82%

avalanche
avalanche

$26.36 USD 

-0.44%

chainlink
chainlink

$12.33 USD 

7.50%

bitcoin-cash
bitcoin-cash

$374.24 USD 

-2.19%

Cryptocurrency News Articles

Cryptocurrency Market Stabilizes, Bitcoin Hovers Around $60,500

Mar 23, 2024 at 12:06 am

The crypto market has returned to its starting point from the beginning of the week, with Bitcoin dropping to $60,500. Altcoins are experiencing significant selling pressure, with Manta Network (MANTA) trading 17% lower at $2.89. Prospects for short-term relief for MANTA are explored, examining technical indicators such as the double-top pattern, falling wedge pattern, and MACD indicator.

Cryptocurrency Market Stabilizes, Bitcoin Hovers Around $60,500

Has the Crypto Roller Coaster Hit Bottom?

After a rollercoaster ride earlier this week, Bitcoin has stabilized around $60,500, where it started the week. In the aftermath of a failed Wednesday recovery, most altcoins are facing heavy selling pressure. Manta Network, for instance, is down 17% on Friday, hovering around $2.89 after briefly touching $3.2.

Manta Network: Riding the ZK Wave

Manta Network is a blockchain protocol that brings ZK technology to the Ethereum network. It boasts Manta Pacific, the first ZK application equivalent to the Ethereum Virtual Machine (EVM). Manta Network touts its scalability and security, thanks to "Celestia DA and Polygon zkEVM."

Manta's Retreat: A Double-Top Disappointment

The decline in MANTA's price began after it hit a peak of $4 on March 12. This triggered a double-top pattern, a bearish signal indicating increased selling and market exhaustion. Investors often engage in short selling after confirming this pattern, placing stop-loss orders above the second high to capitalize on the expected price drop.

Falling Wedge: A Glimmer of Hope for MANTA?

Traders who recently sold MANTA below $4 saw their positions quickly turn profitable as the slide pushed the price down to $2.6. Like many cryptos, Manta Network briefly recovered on Wednesday but stalled at $3.2. Looking ahead, traders might consider buying MANTA to capitalize on a potential uptrend indicated by a falling wedge pattern.

MACD: Another Confirmation on the Horizon?

A falling wedge pattern hints at a potential uptrend, suggesting waning seller influence. Investors could enter the market after the price breaks through the pattern, expecting gains from the subsequent rally. Another bullish signal could arise from the Moving Average Convergence Divergence (MACD) indicator, currently at 0.0206. When the MACD crosses above the neutral zone, it suggests a buy signal, pushing the price higher.

Key Milestones to Watch

If the uptrend materializes, key resistance levels to watch include $3.4 and the recent double-top at $4. These levels will test the strength of the recovery and provide further guidance for traders looking to capitalize on potential upside.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Oct 30, 2024