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- The price of Manta Network is holding onto support at $1.80 as several vital indicators flash negative.
- On Thursday, a cliff unlock of 21.67 million MANTA coins, valued at $44 million, is scheduled to deluge the markets.
- Holders of MANTA should prepare for possible price reductions due to increasing supply.
The price of Manta Network (MANTA) was not immune to the broader market meltdown caused by a flaw in the Bitcoin (BTC) market. Even if analysts predict that the price of Bitcoin is bottoming out, the Web3 modular ecosystem token may still be negatively impacted.
MANTA token unlocks
These coins, 8.67% of the network’s total circulating supply, are valued at around $44 million. The tokens will become available for distribution via an airdrop (Airdrop 2 or New Paradigm) and for public sale after enabling them. This can lead to price volatility.
Tokens are typically offered at a fixed price during a public sale; this may increase demand, but if holders attempt to cash in on their holdings, profit booking may occur soon after. Holders of MANTAs should so prepare for the impact to avoid being caught in exit liquidity.
A token is made available for distribution to qualified users when unlocked for an airdrop. These tokens can be given out for free or as a prize to participants who fulfill certain requirements, such as following social media accounts, joining communities, or introducing others to the project.
It should be noted that this will be a cliff token unlock event rather than the usual weekly, monthly, or annual schedule. Instead, the tokens will open on a more periodic schedule than daily.
Manta Network price outlook ahead of landmark unlocks
Amidst broader market adjustments, the price of Manta Network is battling against additional declines. There is a chance for further losses since the price is just above the $1.80 support level. The Relative Strength Index (RSI), which is below the 50 mean line, and the Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD), both of which are in negative territory, are indicators of this.
Increased seller momentum may cause the price of Manta Network to fall below $1.80, possibly going as low as $1.50 before rising again.
On the other hand, a sweep of the April 13 liquidity with the $1.80 support level holding would incite additional purchases and raise the price of Manta Network. The 50-day Simple Moving Average (SMA) at $2.93 would be broken and closed above to bolster late bulls and increase the upward potential for MANTA price. However, to refute the bearish argument, the price must record a candlestick close above the $3.00 range height.
