"Bottom is in?" MANTA NETWORK TECHNICAL ANALYSIS AND PRICE PREDICTION

Summary

In this cryptocurrency-focused video, the speaker discusses the current state of Manta, emphasizing the importance of research before investing. They highlight a significant downtrend since March 2024, with an 82% drop, and suggest that the current price presents a good buying opportunity. The speaker, who owns Manta, discusses potential support and resistance levels, including a major resistance at $147, and speculates on the impact of upcoming U.S. interest rate cuts on financial markets. They also analyze the RSI for buying signals and advise against leverage trading, recommending spot trading for short to mid-term opportunities.

Takeaways

• 📉 The video focuses on Manta's recent performance in the crypto market.
• 🚫 The presenter is not a financial adviser and advises viewers to do their own research.
• 🔗 Viewers are encouraged to watch a previous Manta update linked in the video.
• 📊 Manta has broken below the Fibonacci retracement level of 2414, indicating a significant downtrend.
• 📉 Manta's price has dropped approximately 82% since March 2024.
• 📈 A local bottom is identified at 75 cents, which is now considered a support level.
• 💡 The presenter owns some Manta but has not bought at the current levels yet.
• 📈 The 1.618 Fibonacci level at $1.47 is highlighted as a major resistance point.
• 📉 A potential drop back to the 75-cent support level is discussed if the downtrend continues.
• 📈 Interest rate cuts in September could positively impact crypto prices by devaluing the dollar.
• 📊 The daily RSI shows recent buying opportunities with bullish divergence observed.
• 📈 Resistance at certain RSI levels is noted, with a potential breakout signaling a move to $1.47.
• 💡 The presenter advises against leverage trading and recommends spot trading for short to mid-term trades.
• 📈 If Manta breaks significant resistance levels, it could aim for $1.83 as the next target.
• 📝 The video concludes with suggestions for setting buy limit orders at various levels, including 90 cents, 86.5 cents, and 75.5 cents.

Q & A

What is the main topic of the video?

The main topic of the video is an analysis of the cryptocurrency Manta, including its price trends, support and resistance levels, and potential trading opportunities.

Why does the speaker caution the audience about financial advice?

The speaker cautions the audience because they are not a financial adviser and emphasizes the importance of doing one's own research before investing in cryptocurrencies.

What significant event happened to Manta's price in March 2024 according to the video?

In March 2024, Manta experienced a significant downtrend, dropping approximately 82% from its peak.

What is considered the new support level for Manta after the drop?

After the drop, the new support level for Manta is considered to be at 75 cents.

Does the speaker own Manta, and if so, at what price did they buy it?

Yes, the speaker owns Manta but does not recall the exact purchase price, mentioning it was somewhere around a dollar to possibly closer to $2.

What Fibonacci retracement level did Manta break down below?

Manta broke down below the 2.414 Fibonacci retracement level.

What is the significance of the 1.618 Fibonacci level in the video?

The 1.618 Fibonacci level is considered a major resistance level for Manta, with multiple rejections from that area indicating significant buying pressure.

What is the potential impact of US interest rate cuts on financial markets as mentioned in the video?

The potential impact of US interest rate cuts is that it could prompt financial markets to move up, as the dollar might be printed more, leading to rising inflation and an increase in the value of assets against the dollar, including cryptocurrencies.

What does the speaker suggest as a good buying opportunity based on the RSI?

The speaker suggests that the periods in June and July, when the RSI was at bottom values, were good buying opportunities for Manta, especially with the presence of a bullish divergence.

What trading strategy does the speaker recommend for short to midterm trades in Manta?

The speaker recommends waiting for a breakout and confirmation of resistance before entering a trade, focusing on spot trading without the use of leverage.

What is the next major resistance level after $147 according to the video?

The next major resistance level after $147 is $183, which was a June top that was retested multiple times.

Outlines

00:00

📉 Manta's Downtrend and Support Analysis

The video discusses the current state of Manta's market performance, highlighting a significant downtrend since March 2024 with an approximate 82% drop. The speaker emphasizes the importance of doing one's own research before investing in cryptocurrency and mentions a local bottom at 75 cents, which is considered the new support level. The speaker also shares their personal investment in Manta, although not at the current levels. The Fibonacci retracement level at 2414 is identified as a key resistance point, with the 1.618 level at $147 being a significant resistance level based on historical data. The speaker also discusses a channel down pattern and its implications for future price movements, including potential interest rate cuts in the US and their impact on financial markets and cryptocurrencies.

05:02

📈 Manta's Trading Opportunities and Technical Indicators

This paragraph delves into potential trading opportunities for Manta, focusing on the RSI indicator which showed an oversold condition in June and July, presenting good buying opportunities. The speaker points out a bullish divergence between the RSI and price action, which is often a signal of an uptrend. They also discuss the importance of waiting for a breakout and confirmation before entering a trade, specifically advising against leverage trading. The speaker suggests setting up buy limit orders at certain price points based on local tops and bottoms. The video concludes with the speaker inviting viewers to share their thoughts on Manta and their trading strategies.

Keywords

💡Manta

Manta appears to be a cryptocurrency or digital asset discussed in the video. It is the central focus of the analysis, with the speaker providing an update on its performance and potential investment opportunities. The term is repeatedly used throughout the script to refer to the asset being analyzed, such as when discussing its price movements and support levels.

💡Fibonacci retracement level

Fibonacci retracement levels are a technical analysis tool used by traders to identify potential support and resistance levels in financial markets, including cryptocurrencies. In the video, the speaker mentions that Manta broke down below the 2414 Fibonacci retracement level, indicating a significant downtrend. This concept is integral to understanding the current market analysis of Manta.

💡Downtrend

A downtrend refers to a period in which the price of an asset is falling. The script describes a substantial downtrend in Manta's price from its peak in March 2024, highlighting an 82% drop. This term is crucial for understanding the overall market sentiment and the asset's performance over time.

💡Support

In financial markets, support is a price level where an asset is expected to find a stop to its decline due to buying interest. The script mentions a local bottom at 75 cents as the new support level for Manta, indicating where the speaker believes the price could find a floor and potentially reverse its downtrend.

💡Resistance

Resistance, the opposite of support, is a price level where selling interest is expected to overcome buying pressure, potentially causing the price to reverse its upward movement. The video discusses the 1.618 Fibonacci level as a major resistance level for Manta, suggesting that it could be a barrier to further price increases.

💡RSI (Relative Strength Index)

RSI is a momentum oscillator that measures the speed and change of price movements on a scale of 0 to 100. The script refers to the daily RSI as indicating a good buying opportunity when it was at oversold levels in June and July, suggesting that the asset was undervalued and potentially due for a price increase.

💡Divergence

Divergence in technical analysis occurs when the price of an asset and a technical indicator move in opposite directions. The script mentions a bullish divergence between the RSI and the price action of Manta, signaling a potential uptrend and a possible buying opportunity for investors.

💡Channel down pattern

A channel down pattern in technical analysis is a trend that indicates a series of lower highs and lows, suggesting a bearish sentiment. The script describes Manta's price action as being within a channel down pattern, which is significant for understanding the asset's current market behavior and potential future trajectory.

💡Interest rate cuts

Interest rate cuts refer to a monetary policy action by central banks to reduce interest rates, typically to stimulate economic growth. The script mentions potential interest rate cuts in the US in September, suggesting that this could positively impact financial markets, including cryptocurrencies like Manta.

💡Leverage trading

Leverage trading involves using borrowed money to amplify potential gains (or losses) in trading. The speaker explicitly advises against leverage trading, recommending spot trading instead, which is trading with the cash available without borrowing. This advice is part of the risk management discussion in the video.

💡Buy limit orders

A buy limit order is an instruction to purchase an asset at a specified price or better. The script suggests setting up buy limit orders at certain price points as a strategy for potential investors in Manta, indicating a method for entering the market at favorable prices.

Highlights

The video discusses Manta, a cryptocurrency, and emphasizes the importance of doing one's own research before investing.

The presenter is not a financial adviser and warns against taking the content as financial advice.

Manta experienced a significant downtrend, dropping approximately 82% from its peak in March 2024.

A local bottom was identified at 75 cents, which is considered the new support level for Manta.

The presenter discloses owning Manta but clarifies not having bought at the current discussed levels.

The Fibonacci retracement tool is still applicable despite the price breaking below the 2.414 level.

The 1.618 Fibonacci level is identified as a major resistance level at $147.

The channel down pattern is highlighted, with multiple rejections off both resistance and support.

A potential interest rate cut in the US in September could positively impact financial markets, including cryptocurrencies.

The daily RSI indicates a good buying opportunity in June and July, with a bullish divergence.

A resistance level is identified on the RSI chart, suggesting a potential breakout for an uptrend.

The presenter advises against leverage trading and recommends spot trading for any discussed strategies.

The next major resistance level after $147 is identified as $183, based on historical price action.

The presenter suggests setting up buy limit orders at specific price points as a trading strategy.

The video concludes with an invitation for viewers to share their thoughts on Manta and their trading plans.

Transcripts

hey what's going on welcome back to my

channel in this video we're going to be

taking a look at Manta I do want to say

that I'm not a financial adviser you

should do your own research before

investing money into crypto and if you

haven't seen the previous Manta update

be sure to check that out before

watching this one it's going to be

linked in the top right hand corner of

the screen now let's jump into the daily

chart you can see that we broke down

below the Fibonacci retracement level

2414 and this is a pretty significant

downtrend you could say from this top in

March 2024 we dropped approximately 82%

that is quite significant I'm not going

to lie now it seems that we have printed

a local bottom at least for now at 75

cents that is going to be our support

from now on and if we do end up

retracing to that level that is going to

be a very good opportunity for you to

buy into Manta even right now it's a

pretty decent buying spot at 95 full

disclosure I do own some Manta I haven't

bought at these levels just yet U I do

believe I'm somewhere around a dollar

something maybe closer to $2 I'm not

sure to be honest with you haven't

looked at my portfolio in a bit but if

we stretch this out a bit we can still

apply this fib and use it it doesn't

like just because we broke below the

2414 level doesn't mean we have to scrap

the entire FIB we can still bounce off

of the levels once we start going up and

like the 1.618 is still going to be a ma

major resistance level for us so this

would be sitting at

$147 you can see we have multiple

rejections from that area lots of buying

pressure back in 2024 April so a few

months ago and then we broke down below

that in June so we haven't seen a back

test of resistance that might end up

happening if we continue making our way

to the upside we might reject off of

1.618 and then head back down for a

higher low hopefully and then we can

look for $18 cents as our support but

you know that would be a pretty bullish

situation that would also assume that

we're not going to be dropping back down

further below 75 cents before we do that

you can also notice this uh block that

we've got here this channnel down

pattern and we've been bouncing off of

the resistance of that pattern for quite

a bit you can see we have multiple

rejections and off of the support so the

same goes for the support multiple

bounces off of the support and we did

have this brief T time period where we

dropped below that and a brief time

period where we dropped or bounced and

as you can see below here we have a

period where we were below this sideways

Channel or this channel down pattern and

we had a period where we were above it

right now we are once again within the

Realms of this channel down pattern we

can continue down this road back down to

the bottom there at 75 cents September

is potentially when we're getting our

interest rate Cuts finally in the US and

that will prompt all the financial

markets to start moving up because

obviously the um the dollar is going to

get printed and inflation is going to

keep Rising and that means that

everything against the dollar is going

to be going up in value and that is very

good for us because our crypto is going

to be going up in value against the

dollar as

well taking a look at the daily RSI you

can see that you had a really good

buying opportunity here you were sitting

at your bottom values in terms of the

relative strength index so in June and

in July both of these were very good

buying opportunities if you capitalized

on that plus you had that bullish

Divergence there

so over here you can see that you didn't

really there we go so there you had a

lower high or lower low rather and then

over here on the RSI you have a higher

low this is a Divergence between the RSI

and the price action

chart and this usually signals an

uptrend now on a daily chart it's not

going to be as significant for example

you can see this was only a 50 2% move

to the upside which is not bad but it's

nothing too major now we do have a

resistance going on over here around

that level that's going to be a

resistance point for us at the moment we

can probably just add a block into that

area it's going to be easier to track

it there we go so just from there all

the way

there so every time we get to that area

we we have a rejection that happened in

May multiple times in June we got sent

back down into the oversold and then

over here in July we're once again

getting a rejection so what you could be

looking for is a break Above This

resistance here above the resistance on

the RSI that would also align with a

nice breakout above the resistance of

this channel down pattern and that could

be your little foreshadowing for your

retracement back to $14 47 cents because

once again we haven't bounced off of

that area as resistance so we have two

resistance touches over here we could

break above it on the third go back test

1.618 and come back down to 1.08 cents

so if you're looking for a short to

midterm trade this is a nice setup for

you but again I would only wait for a

breakout and a confirmation that's where

you would enter and then move subsequent

move to the upside be very careful with

your trades and obviously no leverage

trading I'm you know completely against

that so anytime I mention a short to

midterm trade I'm always referring to

spot trading I do not do leverage

trading and I do not recommend anyone to

get into leverage trading so that's

pretty much it for the daily chart now

we will have to start breaking some

major resistance levels in order for us

to set up more targets to the upside for

now we're going to focus on the

1.618 and if that is broken and we have

a very impulsive move to the upside then

we can start looking at

$183 that's going to be your June top

over here that we retested three times

so over here in May and then actually

four times and then twice in June twice

in May and then once in June yeah so

four touches in

total and yeah that would be our next

major resistance after

$147 let me know what are your thoughts

on Manta these are definitely some good

buying opportunities for you let me know

if you've dll cost averaged into this

already or are you looking to you know

set up some buy limit orders right now I

would definitely set up some buy limit

orders at 90 cents here and then you

could potentially look at 86.5 cents and

then of course 75.5 cents basically take

a look at the local tops and the local

bottoms there that's it for me thank you

all for watching stay safe and goodbye