Manta Network continues to grow despite the bearish pressures, as the bulls seem confident of reaching the higher targets. After the recent retest, MANTA appears to be ready for higher breaking out in the lower time frames. But the token managed to withstand the upward pressure, which paved the way for the bulls to initiate a fresh rebound. The price faced a minor pullback after testing the interim resistance at $3.5 and with the fresh bullish attempt, it is believed to breach through the levels in the coming month.
The token surged to reach the Potential Reverse Zone (PRZ) between $3.8 and $3.9 and started with a descending trend. The network, which broke down from the rising wedge, was trading in a small ascending channel, which also ended up in a bearish pullback. Considering the Elliot wave theory, the price completed five impulse waves in the short term, which resulted in a corrective wave.
Now that the price has reached the first target between $3.26 and $3.365 and triggered a rebound, will the token maintain an ascending trend or experience further falls?
In the short term, the MANTA price is displaying some strength, so it has achieved the average levels of the channel. With this, there are hopes for an extended ascending trend but the bearish pattern in the RSI is raising major concerns. The RSI has displayed a bearish divergence after testing the upper resistance level and hence the hourly candle has also turned bearish. If the bulls manifest some strength at the moment, a bullish push could elevate the levels close to the 50 & 100-day MA at $3.59. This could offer the required boosts to trigger a final push above the parallel channel and secure the levels at $3.8, which may further extend to $3.9 and finally above $4.
However, the bullish scenario appears to be distinct for now, as a drop in the RSI, which is very likely, may cause the MANTA price to drop close to $3.24 again. These levels, being the support, could further initiate a rebound and continue to trade high until it reaches the upper resistance. Besides, minor possibilities of the bulls falling weak at $3.24 also emerge, which may cause a breakdown, dragging the levels close to $3.
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