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- 1 MNT price showed a pullback from the 20-day EMA mark.
- 2 Byers have regained momentum and are setting their eyes to escape $0.7000.
Mantle Network is an L2 technology stack for scaling Ethereum and is the first core product of the Mantle Ecosystem. It strives to be compatible with the Ethereum Virtual Machine. The MNT price showcases a rising parallel channel and continues to step up the gains decisively amid the uncertainty in the crypto market.
The price has pulled back from the 50-day EMA and is stretching toward the critical hurdle of $0.7000, which, if surpassed, Mantle (MNT) will be ready for a fresh high again.
The MNT price has escaped the key moving averages and is trading in the bullish trajectory signifying the bulls’ dominance. Furthermore, the higher high swings were noted, and the MNT price is slowly & steadily heading to the blue sky zone. Additionally, the buying momentum is strong, and Mantle (MNT) will continue to outperform and may reach $1.00 soon based on the technicals.
At press time, Mantle (MNT) is trading at $0.6671 with an intraday gain of 6.76%, showing an uptrend on the chart. Moreover, the trading volume increased by 10.90% to $231.74 million, highlighting a pullback from the 20-day EMA mark. The pair of MNT/BTC was noted at 0.0000146 BTC, while the market cap is $1.23 Billion. Analysts are bullish and suggest that the MNT price will continue to extend the gains and may reach $1 soon.
Mantle (MNT) On Hourly Charts Displays A Bullish Crossover
On the hourly charts, the Mantle price has completed its retracement phase, leading to a sharp pullback from the support zone of $0.5800. Afterward, the buyers continued to accumulate, leading to a remarkable rebound and surge of over 16% in the last two trading sessions.
The relative strength index (RSI) curve climbed to 66, showcasing a positive crossover signaling that the follow-on buying trend may continue. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting the bulls’ dominance.
MNT On Daily Charts Forms Rising Channel
On the daily charts, MNT price showcased a rising parallel channel and continues to form higher high swings and is delivering buying momentum for the past sessions. However, the Mantle coin price will retest the resistance mark of $0.7000, where bulls faced rejection multiple times. If surpassed, an additional upmove of 5% may be anticipated, and the MNT price will reach $0.8000 and $0.9600 soon.
Summary
MNT price persisted in extending the up move and noted an uptrend depicting the rising parallel channel on the charts. Moreover, the buyers have continued accumulating and are setting their vision to clear the supply zone to make a fresh 52-week high near $1 soon.
Technical Levels
Support Levels: $0.6400 and $0.6200
Resistance Levels: $0.7000 and $0.7300
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
