Keep an Eye on MANTA, SHIB, and FTT: Prominent Cryptocurrencies to Monitor in the Upcoming Week
This week, three cryptocurrencies have been capturing significant attention: Manta Network (MANTA), Shiba Inu (SHIB), and FTX Token (FTT).
Manta Network recently launched its native token, MANTA, with a total supply of 1 billion tokens and an annual inflation rate of 2%. The token serves various purposes, including fees, staking, and liquidity. Since its initial trading price of $0.05 on January 18, MANTA has experienced a remarkable increase in value. It reached an all-time high of $3.33, representing a massive 6,559% rally. Despite a subsequent correction, MANTA managed to retain most of its gains, closing January 18 with a 4,240% rise. Although there were fluctuations in the following days, the token maintained an overall upward trend. On January 28, MANTA reached a new all-time high of $3.89 after securing eight intraday gains in 11 days. In the past week alone, the token has surged by 34%.
Shiba Inu’s recent price movements reflect the broader market conditions, particularly the collapse of Bitcoin (BTC) on January 22, which caused a drop in the global crypto market cap below $1.6 trillion. Shiba Inu also experienced significant dips, falling below the $0.000009 level and closing January 22 at $0.00000893. However, the market saw a resurgence the next day, allowing SHIB to recover to $0.000009. Since January 26, SHIB has recorded consecutive intraday gains and is aiming to reclaim the $0.00001 zone. It faces resistance at $0.00000955 and $0.00000981 before reaching this goal.
FTX Token, despite being overshadowed by the FTX collapse, has shown resilience and the potential to form a bullish double-bottom pattern on the daily timeframe. A double bottom pattern occurs when an asset’s price reaches a low point, recovers, and then corrects to the same low point or a slightly higher low. FTT formed the first bottom at $2.31 on January 8, followed by a recovery to a high of $3.47 on January 12. After consolidating above the $2.9 support until January 18, FTT dropped to a higher low of $2.47 earlier this week, forming the second bottom. The token now aims to form a neckline at the top, confirming the double bottom pattern. To confirm this pattern and potentially start a substantial recovery campaign, FTT needs to surge above the $3.2 price. Currently, FTT is trading at $2.79.
