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Breaking Crypto Market Shake-Up: Two Altcoins Surge Into Top 100, Hitting New All-Time Highs

2 mins
Updated by Ryan James
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In Brief

  • Manta Network (MANTA) has increased at an accelerated rate since January 24. It broke out from the $2.65 resistance.
  • PENDLE has increased parabolically since August 2023. The wave count suggests it is in the fifth wave of its increase.
  • Despite these bullish price predictions, a close below their respective resistance areas will negate the price breakout.
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The Manta Network (MANTA) and PENDLE price have retraced their entire correction from January 22 and moved to new all-time highs.

How long will these price increases continue? Let’s find out!

MANTA Price Reaches All-Time High

The MANTA price has increased alongside an ascending support trend line since its listing on Binance on January 18. It also followed a horizontal resistance area at $2.65 during this time.

After bouncing at the trend line on January 23 (green icon), MANTA accelerated its rate of increase, breaking out from the horizontal area the next day.

Today, the MANTA price reached a new all-time high of $3.33. Cryptocurrency trader SatoshiFlipper is bullish and believes MANTA is reaching $10.

However, MANTA still attempts to move above the 1.61 external Fib retracement at $3.18. If MANTA bounces, it can increase 20% to the next resistance at $3.80.

MANTA Price Movement
MANTA/USDT 2-Hour Chart. Source: TradingView

Despite this bullish MANTA price prediction, a rejection from the $3.18 area could trigger a 16% drop back to the $2.65 support area.

PENDLE Parabolic Increase Continues

The PENDLE price has increased alongside a parabolic ascending support trend line since August 2023. The trend line has been validated numerous times, most recently on January 8 (green icon). PENDLE reached a new all-time high price of $2.47 today.

Analyst Matthew Potts noted that PENDLE more than doubled its all-time high in daily trading volume yesterday.

Pendle Volume
Pendle Volume Chart. Source: X

The wave count suggests the increase will continue. Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend.

The most likely count states that the PENDLE price is in the fifth and final wave of an upward movement (white). The most likely target for the top of the increase is $3.45, 40% above the current price.

The target is found by giving wave five the same length as waves one and three (white) and the 2.61 external Fib retracement of the previous drop.

PENDLE Price Movement
PENDLE/USDT Daily Chart. Source: TradingView

Despite this bullish PENDLE price prediction, a rejection from the $2.62 resistance can trigger a 30% rejection to the parabolic support trend line at $1.80.

For BeInCryptos latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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