"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.