Cryptocurrency Market Stabilizes, Bitcoin Hovers Around $60,500

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.

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.