Contrary to the bearish sentiment in the cryptocurrency market, Manta Network’s MANTA and Ondo Finance’s ONDO have registered impressive gains. MANTA experienced an 8.39% rise, reaching $2.50, while ONDO saw a 58.48% increase over the past week, touching $0.30 at one point.
These surges come amidst significant trading activity and strategic updates from the respective networks. This article explores the dynamics behind MANTA and ONDO’s unexpected price movements, shedding light on their market behavior in contrast to the broader market downturn.
MANTA Price Analysis
MANTA has seen a substantial 8.39% increase in its price over the past 24 hours, reaching $2.50, despite a slight fallback from its peak at $2.78 on January 21.
This upward trajectory is significant, considering the current market conditions. The token’s trading volume escalated by 99%, reaching $464.34 million, indicating a heightened interest in trading activities. Technical analysis reveals that MANTA was overbought on January 21, with the Relative Strength Index (RSI) hitting 70.02, before it dropped to 51.46.
The current scenario presents a potential drop to $2.25, where substantial demand for the token exists, offering an attractive entry point for traders.
Furthermore, the Moving Average Convergence/Divergence (MACD) indicator suggests a negative trend, with sellers momentarily gaining an upper hand. However, this selling pressure could potentially catalyze a reversal, pushing MANTA’s price towards the $3 mark.
ONDO Upward Momentum
ONDO’s price, meanwhile, has surged by 58.48% over the last week, with its value briefly touching $0.30. This increase is partly attributed to Ondo Finance‘s January 10 update, which involved launching a tokenized fund offering traditional yield opportunities for stablecoin holders. The CEO of Ondo Finance, Nathan Allman, expressed enthusiasm about their new high-quality, institutional-grade offerings.
However, the recent price dynamics of ONDO also reflect the Ondo Finance team’s token sell-off, moving $11.1 million worth of ONDO into exchanges like KuCoin and Gate.io. Despite this, the team’s multi-sig wallet still holds a substantial amount of ONDO tokens.
Technical analysis shows a negative turn in the MACD and a bearish crossover in the Exponential Moving Averages (EMAs), suggesting a possible price drop to $0.20. However, market players are capitalizing on ONDO’s price dip, with significant purchases like a whale buying 5.02 million ONDO using ETH.
