Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

MANTA suffers 4% pullback after unlocking tokens worth $40 million

Source Fxstreet

Manta Network unlocked 21.67 million MANTA tokens worth $40.08 million early on Thursday.
The tokens were allocated to airdrop and public sale and represent over 8% of MANTA’s circulating supply.
MANTA price erased 4% of its value on Thursday.

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.

MANTA price wiped out 4% of its value on April 18.

MANTA price reacts negatively to token unlock

Data from Tokenunlocks shows that Manta Network unlocked 21.67 tokens worth $40.08 million on Thursday, April 18. The modular blockchain network has scheduled its next token unlock on April 30. The project will unlock 1.87 MANTA tokens worth $3.70 million.

MANTA

MANTA token unlock

The decline of Bitcoin price to $61,000 on Thursday, alongside anticipation surrounding the upcoming halving, are two catalysts responsible for the market-wide correction in crypto. MANTA price could experience further losses in response to selling pressure from airdrop recipients cashing in their holdings across exchange platforms.

MANTA holders need to watch out for a rise in the token’s supply on exchanges, this could signal that there is likely profit-taking by investors. A total of 31% of MANTA’s supply is unlocked as of Thursday, April 18.

The modular blockchain’s price is $1.767 on Binance, down nearly 4% on Thursday.

No trend reversal in sight, MANTA price could sweep lows at $1.51

MANTA price has been in a downward trend since its March 12 top of $4.086. MANTA has formed lower highs and lower lows ever since. MANTA is trading at $1.767 at the time of writing and the asset is likely to find support at $1.518 ( April 13 low) in the event it sweeps liquidity at the current level.

The On Balance Volume (OBV) indicator, used to measure buying and selling pressure on an asset in a cumulative manner, reads 247.18 million on Thursday. OBV is in a downtrend, confirming MANTA’s price trend in the same timeframe from March 12 to April 18.

MANTA

MANTA/USDT 1-day chart

If MANTA price sees a trend reversal, it could test resistance at $2.633, a level that acted as steady support throughout March and the first week of April 2024.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Author Irene Q.

Sep 17, Thu

The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Sep 18, Fri

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Popular Symbols