#Manta has experienced a decline of more than 70% since printing ATH.
Now the price is at Fibo 0.786 and seems to be holding up quite well.
I know opening a buy position when selling pressure is still high is like catching a falling knife.
However, with the potential approval of an $ETH ETF by the SEC in the near future, Ethereum-based layer 2 projects will also likely get sufficient liquidity.
So, for example, if you believe that this project has a future, even if the purchase price at this point does not work out well, this is not a bad price for accumulation.
However, if you only want to trade for the short or medium term then this also has a good risk to reward ratio.
Let's say you place SL below Fibo 0.786, namely 0.7 while the profit target is at 2.4, then your risk and reward ratio is 8 to 1.
