Top cryptocurrencies to watch this week: MANTA, SHIB, FTT

Manta Network (MANTA), Shiba Inu (SHIB), and FTX Token (FTT) are among the top cryptocurrencies to command considerable attention this week.

• Manta is currently trading at $3.54.
• Shiba Inu, $0.0000091342
• FTT, $2.80

MANTA clinches new ATHs

Manta Network launched its native token MANTA last week, with a total supply of 1 billion tokens and a 2% annual inflation rate. The token has been positioned for purposes bordering on fees, staking and liquidity.

MANTA opened trading on Jan. 18 with a $0.05 price. It continued to appreciate in value. The asset eventually rallied by a massive 6,559% to a new all-time high of $3.33 that day. Despite a correction that ensued following the $3.33 high, MANTA retained most of its gains, closing Jan. 18 with a 4,240% rise.

The days that followed were marked by drops and upswings, but the token maintained a general uptrend. MANTA sustained this uptrend into this week despite recording a massive 8.89% decline on Jan. 22, its largest intraday drop.

The asset recovered these losses, securing a new all-time high on Jan. 28, as it rallied to $3.89 amid another batch of consistent daily gains. MANTA has secured eight intraday gains in 11 days, as it looks to rally its way into the limelight. The token surged 34% this past week.

Shiba Inu guns for $0.00001

Shiba Inu’s recent price movements were a direct reflection of the condition of the broader market. Notably, Bitcoin (BTC) experienced a massive collapse on Jan. 22, slumping below the pivotal $40,000 level for the first time this year. 

As the firstborn crypto asset dropped, the rest of the market followed. The global crypto market cap dropped below $1.6 trillion, as most cryptocurrencies recorded substantial dips. Shiba Inu was not spared in the onslaught. It relinquished the $0.000009 level, closing Jan. 22 at $0.00000893. 

The selling pressure spilled into the next day, compounding the market collapse. SHIB saw further drops, collapsing to $0.00000843, its lowest value since Jan. 3. However, a market resurgence ensued shortly after, introducing enough strength to help Shiba Inu recover $0.000009.

The asset has recorded consecutive intraday gains since Jan. 26, as it flips to the $0.000009 territory of support. SHIB hit a high of $0.00000925 today, but met resistance that saw it drop slightly to $0.00000920. The token aims to reclaim the $0.00001 zone, but it would need to first conquer the resistance points at $0.00000955 and $0.00000981.

FTT looks to form bullish double-bottom

The FTX Token was also subject to the fluctuations of the broader market despite being relegated to the background following the FTX collapse.

However, FTT stood out, as it aimed to form a bullish double-bottom pattern on the daily timeframe.

A double bottom pattern occurs when the price of an asset collapses to a low point amid a downturn, registers a recovery from this low point, and then faces another correction to the same low point or a slightly higher low.

The pattern suggests an imminent end to the downtrend, and a potential reversal.

FTT formed the first bottom when it declined to a low of $2.31 on Jan. 8. However, the asset recovered beyond this point, rallying to a high of $3.47 on Jan. 12. The asset consolidated at the top, but held above the $2.9 support until Jan. 18. 

FTT dropped to a low of $2.47 earlier this week — a level slightly higher than the $2.31 low from Jan. 8. This drop essentially formed the second bottom. A double bottom is confirmed when the asset recovers again to form a neckline at the top.

The FTX Token aims to form this neckline amid the recent market recovery that ensued three days ago. FTT currently trades for $2.79. The token would need to surge above the $3.2 price to confirm the formation of the double bottom. This confirmation could indicate the start of a more substantial recovery campaign.