Is Manta Network Going to Crash? MANTA Price Drops 5% as New Cloud Mining Project Lures Global Investors
The Manta price has dived by 10% in the past 24 hours, falling to $3.17 as the wider crypto market endures a 2.5% loss today.
Despite this fall, MANTA remains up by 13% in the past week, as well as 57% up since the layer-two coin listed earlier in the month.
Yet it has lost 17% since it reached a record high three days ago, with the possibility remaining of further pain to come in the shorter term.
It isn’t the only high-potential new token in the market, however, with Bitcoin Minetrix (BTCMTX) raising over $10 million as it gears up for what could be a big launch.
Is Manta Network Going to Crash? MANTA Price Drops 5% as New Cloud Mining Project Lures Global Investors
Based on MANTA’s chart, it looks like the new altcoin is in the middle of a correction, with its indicators all crashing.
Its RSI (purple), for example, dropped below 30 earlier this morning, a sign of very strong selling pressure.
Similarly, its short-term moving average (yellow) has begun dropping steeply towards its long-term average (blue), again providing a clear sign of a correcting price.
What’s interesting though is that its support level (green) has just resisted a fall below $3.15, suggesting that the coin may not fall much further.
And what’s particularly encouraging for such a new token is that its trading volume is relatively high, at $320 million.
It was even higher at various points earlier in the month, reaching $600 million and even $800 million after listing, volumes which exceeded those for numerous more established tokens.
Explore $MANTA, the native utility and governance token of @MantaNetwork 🔱$MANTA empowers users across #MantaPacific and #MantaAtlantic, facilitating an improved experience for the modular ecosystem built for scalable, next-generation dApps.https://t.co/XFwIhLy9L9
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 15, 2024
One of the reasons why interest in MANTA was so high is that the Manta Network has quickly become one of the biggest Ethereum-based layer-two networks in crypto.
It currently accounts for $466 million in total value locked in, more than TVLs for Cardano and Bitcoin, for example.
Its TVL has grown by nearly 2,500% since the middle of December, a strong sign of network adoption.
Looking to understand the @MantaNetwork?
Manta Network consists of two distinct networks: Manta Pacific and Manta Atlantic, and both offer ZK tooling simplifying ZK application deployment.
Explore a comprehensive overview by our analyst @JenniferOvat 👇https://t.co/Qtnq51PiPI
— Messari (@MessariCrypto) January 30, 2024
And this is likely to continue, with the Manta Network providing a more simplified platform for deploying applications that use zero-knowledge proofs.
As such, the MANTA price could reach $4 in the next few weeks, before hitting $6 by the summer.
New Cloud Mining Project Lures Global Investors
As bright as Manta’s future seems, it isn’t the only new altcoin that’s showing plenty of promise right now.
In fact, there’s a very wide variety of new tokens that are gaining momentum, with several presale coins looking as though they’re on course for very big listings in the coming weeks.
Probably the likeliest candidate amongst the current crop to do well is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised $10 million in its ongoing presale.
Embarking on an exciting journey into cloud mining with #BTCMTX! 🚀
Users gather staking credits, monitoring their mining capabilities.#Ethereum network's smart contracts guarantee seamless, decentralized distributions, ensuring a secure and dependable mining experience. 🔗💻 pic.twitter.com/l1NXxe2XRz
— Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
Bitcoin Minetrix’s presale has been a success because its platform offers something fairly unique, which is the ability to mine Bitcoin (BTC) by staking its native token, BTCMTX.
Doing this earns users tokenized mining credits, which they can then use to claim Bitcoin hashing power.
In turn, users will receive a share in mined BTC, which could be about to rise strongly in price, given that the next Bitcoin halving is coming in April.
On top of this, stakers will receive a steady income in the form of BTCMTX.
Combined with its user-friendly interface, the profitability of Bitcoin Minetrix could make it a very big hit.
Exploring the advantages of #BitcoinMinetrix:
🌐 Convenient access made easy.
💲 Enhanced efficiency with a streamlined cost structure.
🔄 Enjoy peace of mind, free from concerns about resale value.Knowing the benefits is key! 🚀 #BitcoinMining #MiningEfficiency pic.twitter.com/tBCVjFELBO
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
Investors can still join its presale at the official Bitcoin Minetrix website, with BTCMTX selling at $0.0132 per token.
Of course, such a price could end up seeming very cheap once the token lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
