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- 1 Mantle price prediction is bullish for October 2023.
- 2 MNT price is in a downtrend but near its demand zone.
- 3 Mantle crypto price is trying to defend the YTD lows.
Mantle price prediction is bullish for the short-term and suggests that an upside reversal is possible in the next month. MNT price is trading near the YTD low which is acting as a strong support level for the bulls. The buyers are trying their best to defend the lows to maintain the confidence of the investors.
Mantle price is trading below the 50 day and 200 day EMAs, which showcases the downtrend. However, prices look oversold so a short-term relief rally may trigger anytime from the lower levels.
In the past few months, Mantle price traded with a bearish bias and declined by forming lower low swings. The downfall eroded the majority portion of its previous gains and returns back to the YTD lows. Previously, buyers tried multiple times to push the price above the 50 day EMA. However, due to the strong presence of sellers, the price faced rejection and reverted downward.
The downfall is halted near the $0.3500 level and bears are losing their grip. Mantle price is trading at $0.3881 with an intraday decline of -1.17%. The 24-hour volume-to-market-cap ratio is 1.47%.
Will the Mantle Price Take U-turn From Support?
Mantle price prediction is favoring the bulls and suggests a rise in the long-term. It has corrected a lot from its swing high so the downfall might halt and a narrow range consolidation is possible.
As long as MNT crypto price holds the $0.3500 support, the buyers will remain active. Consequently, a buildup of fresh short positions will be risky. Meanwhile, if the overall crypto market recovers then it might positively impact the price of MNT and other altcoins.
The technical analysis suggests that Mantle price is near the demand zone so the probability of taking a U-turn is high.
MNT Price Fell For Three Consecutive Weeks
MNT price fell for three consecutive weeks and formed a bearish pattern on a weekly time frame. At present, no strong signs of an upside reversal is visible in the price action.
The MACD curve sloping sideways indicates that prices may consolidate for some time before deciding on the direction ahead. The RSI at 37 denotes weakness but if prices recover then it might reach the neutral territory.
Conclusion
Mantle price prediction is bullish for the next month and suggests that bulls are getting active.
MNT crypto price looks oversold and is trading near the YTD high so a pullback rally may trigger anytime from the low levels. The analysis suggests that as long as the MNT price sustains the $0.3500 support level, the probability of recovery remains high.
Technical levels
- Resistance levels: $0.4700 and $0.5300
- Support levels: $0.3500 and $0.3000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
