MANTA, ONDO Prices Surge Despite Wider Market Downturn
The prices of Manta Network (MANTA) and Ondo Finance (ONDO) tokens saw a significant rise in the past 24 hours, even as most top cryptocurrencies experienced a decline in value.
As of now, MANTA’s price is $2.50, reflecting an 8.39% increase in the last day. However, it is worth noting that it had previously reached $2.78 on January 21.
On the other hand, ONDO’s price reached as high as $0.30 on the same day but has since declined to $0.25.
In a recent report, Coin Edition explained the ongoing price discovery stage of MANTA, and the latest movement indicates progress in that direction.
According to CoinMarketCap, MANTA’s 24-hour trading volume surged by 99% to $464.34 million. This increase suggests growing interest in buying and selling the cryptocurrency, and it has also climbed into the top 100.
From a technical standpoint, the 1-hour MANTA/USD chart reveals that the token was overbought on January 21, with the RSI hitting 70.02 before dropping to 51.46. If buying pressure does not return soon, MANTA may potentially drop to $2.25, where there is considerable demand. This could present an opportunity for traders to buy MANTA at a lower price.
Additionally, the Moving Average Convergence/Divergence (MACD) indicator entered the negative region, indicating a predominance of sellers over buyers. Nevertheless, if selling pressure intensifies, it could act as a catalyst for MANTA to bounce back towards $3.
Regarding ONDO, its price has risen by 58.48% in the last seven days, driven by a recent update from Ondo Finance. The team launched a tokenized fund that allows stablecoin holders to access traditional yield opportunities. Ondo Finance CEO Nathan Allman expressed excitement about offering high-quality, institutional-grade offerings like tokenized US Treasuries.
However, the Ondo Finance team appeared to have sold off some tokens, leading to the recent decline. According to SpotOnChain, the team transferred $11.1 million worth of ONDO to KuCoin and Gate.io, indicating their intention to liquidate the tokens.
Despite the sell-offs, the multi-sig wallet still holds 146.5 million ONDO tokens. The impact of these transactions is reflected in the current price action, with the MACD turning negative.
Moreover, the 12-day EMA (blue) crossed below the 26-day EMA (orange), signaling a bearish momentum for ONDO. Similarly, the Money Flow Index (MFI) dropped, indicating a significant decrease in capital inflow.
If this trend persists, ONDO’s price could potentially drop as low as $0.20. However, there are indications that some market players are taking advantage of this retracement. Lookonchain reported that a whale used ETH to purchase 5.02 million ONDO. If more accumulations of this nature occur, ONDO might embark on another rally in the coming days.
It’s important to note that the information provided in this article is for informational and educational purposes only and should not be considered financial advice. Readers should exercise caution and conduct their own research before making any investment decisions. Coin Edition assumes no responsibility for any losses incurred as a result of the utilization of this content.