Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets

Manta Network is preparing for potential volatility as $44 million worth of MANTA tokens are set to flood the markets. The price of MANTA is currently defending support at $1.80, but with multiple technical indicators flashing bearish signals, holders should be cautious of potential price drops due to the increased supply. On Thursday, April 18, up to 21.67 million MANTA tokens, which make up 8.67% of the network’s circulating supply, will be unlocked for distribution through an airdrop and public sale. This influx of tokens could cause volatility in the price, especially if profit booking occurs after the initial surge in demand. It’s important to note that this token unlock event is structured differently, with tokens unlocking on a schedule rather than traditional periodic intervals. The current price outlook for Manta Network is defensively holding above $1.80, but there is a possibility of further losses. Seller momentum could push the price below $1.80, potentially reaching the $1.50 threshold before a recovery. On the other hand, if the $1.80 support holds, it could encourage more buying and send the price higher. For a bullish scenario, the price needs to close above the 50-day Simple Moving Average at $2.93 and break the range high of $3.00. Overall, Manta Network investors should be prepared for potential price fluctuations as the unlock event takes place.