- MANTA token unlock on March 18, valued at around $20.87M, could swing prices.
- MANTA sees a bullish trend pre-unlock, trading at $3.23, a potential for post-unlock price movements.
- Indicators exiting negative territory hint at a possible MANTA price surge post-unlock.
In the cryptocurrency market, token unlock events are pivotal moments that attract keen attention from investors and market analysts. These events can lead to significant market movements, depending on the investor’s response to the newly available tokens.
Consequently, one event capturing the spotlight is the upcoming unlock of MANTA tokens associated with the Manta Network. Scheduled for March 18, 2024, at 12:30, this event will see 2.66% of the total MANTA token supply, valued at approximately $20.87 million, becoming available to the market.
Market Implications of the MANTA Unlock
The release of these tokens into the market is a moment of opportunity and uncertainty. On one hand, higher supply can lead to a surge in liquidity and potential price appreciation if the demand overtakes the supply increase.
At the same time, it can also cause a sell-off of token holders who choose to liquidate their positions, which may result in a short-term drop in prices. At press time, however, the MANTA token is experiencing bullish momentum, trading at $3.23, a 6.40% surge from an intra-day low of $2.94. This positive trend adds an extra layer of intrigue to the upcoming unlock as market participants speculate on the immediate impact on the token’s value.
Token unlock events are not separate events in the cryptocurrency ecosystem but are subsystems of economic mechanisms within the blockchain projects. Usually, these unlocks are planned as part of the project from the start and are meant to raise the number of tokens in circulation slowly.
This approach protects the token’s ecosystem from market manipulation and enables a steadier and more sustainable development. Nevertheless, the MANTA token unlock is one of the unlocks taking place in the crypto space, with an overall $305.16 million worth of tokens to be unleashed in the following week across several projects.
MANTA/USD Technical Analysis
On the MANTA/USD price chart, the Relative Strength Index (RSI) has risen above its signal line to 44.38, indicating that the current trend may reverse to the upside. The RSI’s upward movement also signals increased buying pressure and the possibility of further price rise in the near term. As a result of this optimistic indication, more investors may seek to profit from the projected uptrend.
Furthermore, the Rate of Change (ROC) rating of 5.49 as it moves out of the negative region adds to the possibility of a bullish trend reversal, indicating a positive shift in momentum that might lead to further price growth. This combination of RSI and ROC indicates a significant buying opportunity for traders looking to join the market at a favorable time.
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