Top Crypto Movers: MANTA Soars to New ATHs, SHIB Targets $0.00001, and FTT Shows Bullish Signals

The crypto market never sleeps, and this week, three cryptocurrencies have been particularly grabbing headlines: Manta Network (MANTA), Shiba Inu (SHIB), and FTX Token (FTT). These tokens are showcasing interesting price movements and developments that every crypto enthusiast should be aware of. Let’s dive into what’s driving their momentum and what to expect next.

Currently, you can find MANTA trading at $3.54, Shiba Inu at $0.0000091342, and FTT at $2.80. But what’s behind these numbers? Let’s break it down.

MANTA Network: The Rising Star Clinching New All-Time Highs

Launched just last week, Manta Network’s native token, MANTA, has already made a significant splash in the crypto ocean. With a total supply of 1 billion tokens and a modest 2% annual inflation rate, MANTA is designed to fuel the network’s ecosystem, covering fees, staking, and liquidity provisions. But what exactly fueled its incredible price surge?

Imagine this: MANTA started trading on January 18th at a mere $0.05. Then, it exploded. On the same day, it rocketed by a staggering 6,559% to reach a new all-time high of $3.33! Even after a natural market correction, MANTA impressively closed the day with a 4,240% gain. That’s the kind of entrance that gets the crypto world talking.

While the days that followed saw some expected price fluctuations – dips and recoveries – MANTA maintained a generally upward trajectory. Even a significant 8.89% drop on January 22nd couldn’t derail its momentum for long. Showing resilience, MANTA not only recovered but also soared to a new all-time peak of $3.89 on January 28th. In just 11 days, MANTA secured gains on eight of them, demonstrating strong bullish sentiment. Over the past week alone, the token surged by an impressive 34%. Is this just the beginning for MANTA?

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Shiba Inu: Setting Sights on the $0.00001 Mark

Shiba Inu (SHIB), the popular meme coin turned serious contender, has been mirroring the broader market’s rhythm lately. Remember the market dip on January 22nd when Bitcoin (BTC) tumbled below $40,000 for the first time this year? That event had a ripple effect across the crypto landscape, and SHIB was no exception.

When Bitcoin sneezes, altcoins catch a cold, or so the saying goes. As BTC fell, the global crypto market cap dipped below $1.6 trillion, and most cryptocurrencies experienced downturns. Shiba Inu wasn’t immune. It slipped below the $0.000009 mark, closing at $0.00000893 on January 22nd. The selling pressure continued into the next day, pushing SHIB down to $0.00000843 – its lowest point since early January. Was this just a temporary setback?

Fortunately for SHIB holders, a market resurgence followed. Renewed buying interest helped Shiba Inu climb back above $0.000009. Since January 26th, SHIB has been on a streak of intraday gains, establishing the $0.000009 area as a new support level. Today, SHIB reached a high of $0.00000925, before encountering resistance and slightly retracing to $0.00000920.

Now, Shiba Inu has its sights set on reclaiming the $0.00001 territory. However, it needs to overcome resistance at $0.00000955 and $0.00000981 first. Can SHIB muster the strength to break through these barriers and reach its target? Keep watching!

FTX Token: Is a Bullish Double-Bottom Pattern Forming?

Even amidst the lingering shadows of the FTX collapse, the FTX Token (FTT) is showing signs of life and resilience. While it may not be in the daily spotlight like it once was, FTT is currently presenting an interesting technical pattern: a potential bullish double-bottom formation on the daily chart. What does this mean for FTT’s future?

Let’s demystify the double-bottom pattern. Imagine a stock or crypto price falling to a low point, then bouncing back up, only to fall again to roughly the same low point before starting to rise once more. This ‘W’ shape is what we call a double-bottom. It’s often interpreted as a signal that the downtrend might be losing steam, and a potential price reversal could be on the horizon.

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For FTT, the first bottom formed when it hit a low of $2.31 on January 8th. It then rebounded, reaching a high of $3.47 by January 12th. After consolidating, FTT remained above the $2.9 support level until January 18th. Earlier this week, FTT dipped again, reaching a low of $2.47 – slightly higher than the previous low. This dip potentially marks the second bottom of the pattern.

To confirm a double-bottom, the price needs to rally and break above the ‘neckline’ formed at the peak between the two bottoms. FTT is currently aiming to form this neckline amidst the recent market recovery. Trading around $2.79, FTT would need to climb above $3.2 to confirm the double-bottom pattern. If successful, this could signal the beginning of a more substantial recovery for FTT. Could this be a turning point for the token?

Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.