Pacific

Manta Network

Crypto Price Prediction: The bearish trend in the cryptocurrency market has escalated this week, as the total market capitalization suffered a 3.73% decline in the past 24 hours, dropping to $1.55 trillion. <a href="https://coingape.com/blog/will-bitcoin-price-fall-below-30/" rel="noopener noreferrer nofollow">Bitcoin</a>, the foremost cryptocurrency, has experienced a 1.47% decrease today, consistently trading below the crucial $40,000 mark.&nbsp;
The crypto market has adopted a bearish posture since the introduction of spot Bitcoin ETFs on January 11th, sparking a downturn across most leading cryptocurrencies. A potential catalyst for this sell-off could be <a href="https://coingape.com/grayscale-facing-intense-backlash-for-market-meltdown-heres-why/" rel="noopener noreferrer nofollow">Grayscale’s</a> reduction of their Bitcoin holdings, coinciding with investors divesting from the GBTC ETF. On the seventh day of ETF trading, GBTC experienced an outflow exceeding $640 million.
Additionally, according to a Bloomberg report, the crypto exchange FTX estate possessed 22.28 million shares in the Grayscale Bitcoin Trust, valued at $902 million, prior to January 11. Following the trust’s transformation into a spot ETF, FTX offloaded over two-thirds of these shares within the next three trading days,&nbsp; a move that significantly contributed to the current market correction.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FTX</a> Shocks Market with $1B <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Grayscale</a> ETF Sell-Off &amp; Alameda Drops Bombshell Lawsuit Against Grayscale! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24GBT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBT</a>
 • <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> FTX's bankruptcy estate offloaded approximately $1 billion of Grayscale's Bitcoin ETF, shedding light on recent GBTC outflows. • <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Since the conversion… <a href="https://t.co/iipXsgXnef" rel="noopener noreferrer nofollow">pic.twitter.com/iipXsgXnef</a>
 — RichQuack (@RichQuack) <a href="https://twitter.com/RichQuack/status/1749488992603791763?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Amidst this market downturn, investors might find opportunities in cryptocurrencies like Ethereum (ETH), XRP, and Manta Network (MANTA), which could potentially offer a stronger recovery.&nbsp;&nbsp;
<h2 id="b-is-ethereum-eth-price-heading-back-to-2000-b">Is Ethereum (ETH) Price Heading Back to $2000</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/u/Ulr5HlUE.png" alt="Ethereum (ETH) Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Ethereum (ETH) Price| TradingView Chart
 </figcaption>
</figure>
Amid the current downturn in the crypto market, the <a href="https://coingape.com/ethereum-foundation-swaps-1-6-mln-eth-for-dai-amid-120-mln-whale-selloff/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) coin has witnessed a significant downfall in the last weeks. From a local top of $2714, the altcoin price tumbled 21.6% to currently trade at the $2231 mark.
A look at the daily time frame chart showed this downfall is part of an expanding channel pattern, a technical setup that often emerges in the midst of market uncertainty. With an intraday loss of 3.6%, the <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> teased a breakdown from the pattern’s lower trendline, concerning further correction underway.
If the coin price gives daily candle closing the dynamic support, the selling pressure will accelerate which may bolster a downfall to $2142 support, followed by $1917.
The ETH price drop below the 20-and-50-day EMA slope reflects a change in market dynamic for the short term.
<h2 id="b-xrp-price-break-below-yearly-support-hints-prolong-correction-b">XRP Price Break Below Yearly Support Hints Prolong Correction</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/u/Ulr5HlUE.png" alt="XRP Price " width="1946" height="937">
 <figcaption class="wp-caption-text">
 XRP Price| TradingView Chart
 </figcaption>
</figure>
Since early 2023, the <a href="https://coingape.com/markets/xrp-price-nearing-accumulation-with-eyes-0-75/" rel="noopener noreferrer nofollow">XRP</a> coin price has shown a steady recovery, buoyed by an ascending support trendline. This trendline has been a reliable source of support during major market declines, helping to foster a bullish momentum among buyers.&nbsp;
Recently, amidst broader market sell-offs, <a href="https://coingape.com/price/xrp/" rel="noopener noreferrer nofollow">XRP price</a> has undergone a notable correction, dropping from $0.62 to its current trading price of $0.58. This represents a 19% decrease in just two weeks, suggesting a potential breach below the lower trendline.&nbsp;
Should a daily candle close beneath this dynamic support, it could signify a significant shift in market sentiment, possibly leading to an extended downturn. Following such a breakdown, the price could potentially fall further to support levels around $0.47 and $0.42
However, the daily RSI slope at the oversold region of 19% reflects the seller may struggle to sustain below the breached trendline.
<h2 id="b-manta-network-manta-price-at-key-support-signals-25-surge-ahead-b">Manta Network (MANTA) Price at Key Support Signals 25% Surge Ahead</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/7/72PESMHn.png" alt="Manta Network (MANTA) Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Manta Network (MANTA) Price| TradingView Chart
 </figcaption>
</figure>
Despite the prevailing bearish trends in the cryptocurrency market, <a href="https://coingape.com/education/where-to-buy-manta-network-coin/" rel="noopener noreferrer nofollow">MANTA</a>, the native token of the Manta Network—a Layer 2 modular blockchain—has demonstrated notable resilience by consistently holding above the $2.25 level.&nbsp;
Although the <a href="https://coingape.com/crypto-prices-today-bitcoin-pepe-coin-retreat-as-manta-advances/" rel="noopener noreferrer nofollow">Manta Network</a> faced a Distributed Denial of Service (DDoS) attack right after its launch, this incident briefly slowed down network operations, but the MANTA team quickly addressed and resolved the issue, minimizing disruptions.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 At around 9AM UTC, Manta Pacific chain experienced an RPC flood and we are resolving. The chain is running fine, blocks are producing, and accessibility is back online soon.
 — Manta Network (<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f531.png" alt="🔱" class="wp-smiley" style="height: 1em; max-height: 1em;">,<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f531.png" alt="🔱" class="wp-smiley" style="height: 1em; max-height: 1em;">) #MantaNewParadigm (@MantaNetwork) <a href="https://twitter.com/MantaNetwork/status/1747917726109327663?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 18, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
A look at the 4-hour time frame chart shows the coin price is maintaining its sustainability at a higher level using an ascending support trendline. The coin price rebounded twice from the dynamic support indicating the investor’s interest in acquiring the MANTA during market pullbacks.
Currently trading at $2.37, if the coin price shows sustainability at a lower trendline, the buyers may lead a 25% surge to hit a higher trendline at $3.
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/5-reasons-why-bitcoin-btc-price-crashes-a-dip-to-32-7k-ahead/" rel="noopener noreferrer nofollow">5 Reasons Why Bitcoin (BTC) Price Crashes; A Dip To $32.7K Ahead?</a></li>
 <li><a href="https://coingape.com/jim-cramer-embraces-number-go-down-theme-as-bitcoin-drops-20-from-high/" rel="noopener noreferrer nofollow">Jim Cramer Embraces ‘Number Go Down’ Theme As Bitcoin Drops 20% From High</a></li>
 <li><a href="https://coingape.com/crypto-prices-today-bitcoin-inches-closer-to-dip-below-40k-as-sui-ftt-take-the-lead/" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin Inches Closer To Dip Below $40K As SUI &amp; FTT Take The Lead</a></li>
</ul>
The post <a href="https://coingape.com/markets/crypto-price-prediction-today-january-23-eth-xrp-manta/" rel="noopener noreferrer nofollow">Crypto Price Prediction For January 23: ETH, XRP, MANTA</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Price Prediction For January 23: ETH, XRP, MANTA

Table of Contents

Coingape News Media

Other articles published on Jan 23, 2024

Remember SEC’s X Account Hack? This is what Happened

FXT Claims Now Trading at almost 80 cents to the Dollar

Market Outlook: Bitcoin, Filecoin, UMA, and More – Tracking Key Crypto Movers

Bitcoin Price Prediction: BTC Drops More Than 2% As Bitcoin Minetrix Surges Towards $10 Million F...

X Account Hack: US SEC Suffered SIM Swap Attack But Why Did SEC Shut-off Its Multi-factor Authent...

Sen. Lummis: Crypto not the problem, bad actors are

Join our free newsletter for daily crypto updates!