The Mantle (MNT) price has surged over 24% in the last 24 hours, reclaiming the $1 mark. The rally appears to be driven by a renewed focus on Mantle Network’s infrastructure, following a series of positive announcements.
Considering the present market sentiments, will MNT price hold its ground above the $1 mark or is a correction incoming?
Mantle Crypto Gains Bullish Momentum
The official account of Mantle on X platform has recently shared about its improvised synergy between Bybit and other ecosystems to accelerate the whole process of Mantle Network’s infrastructure. Moreover, Ben Zhou, Co-Founder & CEO of Bybit unveils his vision for Mantle Network 2.0.
Further signs of ecosystem health came from a Mantle Ecosystem X post referencing a strong market performance. The post noted that Pendle (PENDLE), a key token in the DeFi space, has re-entered the top 10 on DefiLlama’s Total Value Locked (TVL) rankings, nearing new all-time highs.
This shows a rising bullish momentum for the Mantle Ecosystem in the crypto-verse.
MNT Price Forms Rising Wedge Pattern
On the daily chart, Mantle price records a steep rising wedge, which is usually a bearish pattern in the longer time frame. After breaching its key resistance at $0.9290, it has successfully reclaimed the $1 mark and is currently trading $1.08.
The Relative Strength Index (RSI) is currently at 75.61 which means that the asset is in the overbought range. This kind of trend suggests an increasing negative trend in the coming time.
Similarly, Bear Bull Power (BBP) is also recording a powerful bullish movement. Although these indicators are favorable to the rally, it is also the sign that warns of a short term pullback.
If the bears outrun the bulls, the MNT coin price may retest its immediate support trendline of $0.9290, followed by its lower support level of $0.8540. Under an extreme bearish situation, the Mantle price could crash toward its floor price of $0.7550 this month.
In case of continued bullish momentum over $1.1050, the bulls may target to achieve up to the level of $1.21. A sustained positive action could result in it heading toward its upper price range of $1.30.
Outlook: Key Price Levels to Watch
- Bullish Scenario: A sustained rally above the $1.1050 level could see the price target $1.21, with a potential for a further push towards $1.30.
- Bearish Scenario: A rejection at the current price could see MNT retest its immediate support at $0.9290. An extended pullback could lead to a decline toward the lower support level of $0.8540 or a crash toward the floor price of $0.7550.
Also Read: Chainlink Launches on-chain Reserve for Network Expansion
