Manta Network’s token manta On February 1, it fell 5% to $3.0. Technical data is pointing to an uptrend tens ahead based on various indicators. So what awaits the altcoin in the future? Here are the critical levels.
Technical Data Points to an Uptrend
The token’s price action has seen several ups and downs since its launch on January 18. As of February 1, MANTA had fallen over 20% from its January 28 peak and retested the support line at $2.88 in the Asia-Pacific session.
Moreover, the coin’s relative strength index (RSI; purple chart) has recovered slightly from the ‘overbought’ level, indicating an impending accumulation by MANTA bulls. If buyers act, they could push the coin to $3.32 or 10 higher than the current value.
Moreover, the token’s total value locked (TVL) has increased since mid-January, reaching $456 million on February 1. While TVL cannot directly influence a token’s price, increasing TVL reflects investors’ willingness to park their cash on Manta Network. High trust can then translate into more investment, higher demand and therefore higher coin prices.
Despite the slight TVL correction in the previous 24 hours, most of the leading protocols on the Manta Network contributed to the double-digit monthly TVL increase.
Manta-Based DEX Attracts Attention
Koinfinans.com According to the latest announcement, the KiloEx perpetual DEX (perp DEX) in Manta has attracted significant interest, as we reported. This term refers to a decentralized exchange (DEX) that offers perpetual contracts, commonly known as “perpetual swaps.” These cryptocurrency are the types of derivatives in the market. Unlike standard futures contracts, perpetual contracts do not have an expiration date.
This means investors can hold positions for as long as they want. They mimic the spot market on a margin basis and trade close to the underlying reference Index Price. The main purpose of perpetual contracts is to allow investors to speculate on the price of a cryptocurrency without owning the actual cryptocurrency.
With a rapid transition to KiloEX, Perp DEX reached 15,000 daily active users, approximately $4 billion in transactions, $20 million in TVL, and over $200 million in daily trading volume.
