- The MANTA token plays a crucial role in activities such as staking, transaction fees, and liquidity provision within the Manta Network ecosystem.
- As Manta Network gains momentum, the introduction of MANTA aims to enhance user engagement across various decentralized applications and services.
While the broader cryptocurrency market has been experiencing some consolidation, MANTA, the native cryptocurrency of Manta Network has been showing moves. The MANTA price has witnessed an impressive price rally, surging by a remarkable 62% within just ten days of its launch. Presently, the MANTA token is trading at $3.70 levels, with a market capitalization of $928 million.
Manta Network, positioned as an innovative player in the web3 ecosystem, introduces a versatile and modular infrastructure that allows users to build and deploy decentralized applications (dApps). Leveraging Solidity as its foundational technology, Manta Network empowers developers by offering a cutting-edge technology stack that ensures accelerated transaction speeds, surpassing those of Layer 1 (L1) solutions, while concurrently maintaining lower gas costs than Layer 2 (L2) alternatives.
A significant milestone in Manta Network’s journey occurred with the launch of its native token, MANTA, last week. Capped at a total supply of 1 billion tokens and featuring an annual inflation rate of 2%, MANTA has been strategically positioned to serve multiple functions within the ecosystem.
MANTA plays a pivotal role in various activities, including staking transaction fees, and liquidity provision, contributing to the creation of a comprehensive and sustainable ecosystem within Manta Network. As the platform gains momentum, the introduction of MANTA aims to enhance user engagement and participation across a wide spectrum of decentralized applications and services. The notable surge in MANTA’s price reflects the positive reception and growing interest in the Manta Network ecosystem.
Watching the MANTA price movements
The MANTA price is currently experiencing an upward trend, maintaining its position above a rising trend line. Despite the ongoing uptrend, the Relative Strength Index (RSI) suggests a potential slowdown in momentum, indicating a potential sell signal if the RSI crosses below the signal line.
Confirmation of the bearish signal could lead to the MANTA price losing support at the $3.51 level, resulting in a possible 10% decline from its current value. However, the presence of a rising trend line and horizontal support at $3.25 provides substantial reinforcement, helping to alleviate the potential drop.
In the event of worsening market conditions, the MANTA price may find support at the $3.07 level, representing a significant 23% decrease from its current valuation. This underscores the importance of closely monitoring the token’s support levels.
On the positive side, with the RSI standing at 67, there is still room for upward movement before the token reaches the overbought threshold. Increased buying pressure has the potential to propel MANTA’s price beyond the upper Bollinger Band to $3.80, contingent on breaking the critical $3.70 mark and establishing a new high.
