MNT, the native token of Mantle Network, has seen an increase in demand. It noted a significant rebound from its demand zone of $0.6000 last week.
The whales have started accumulating the MNT token, and a significant volume surge fueled the price recovery.
The MNT token continued to lose gains for the past weeks and was under the sellers’ control. However, the market dynamics changed, and a fresh bullish wave spread, moving across the 20-day EMA mark.
In yesterday’s trading session, the MNT token crossed the downward-sloping trendline hurdle of $0.8000 and retested the 200-day EMA mark. Buyers began accumulation and were willing to trigger a breakout above the $0.8800 mark at the time of writing.
Fueled by double-digit recovery, the MNT token eyed to revisit the round $1 mark and set for a potential reversal. Once it breaches its primary hurdle of $0.9000, it will sharply sprint forward and retain the bullish momentum ahead.
Mantle at Press Time
At press time, the MNT price was trading at $0.856 with an intraday surge of 9.36%, reflecting buying momentum on the chart. It has a monthly return ratio of 6.30% and 49.20% yearly, reflecting short-term consolidation.
The pair of MNT/BTC was at 0.0000134 BTC, and the market cap was $2.81 Billion. Analysts were neutral and suggested that the MNT price could register a breakout and retain the $1 mark.
Regarding the market cap, the MNT token ranked at 37 and had a total supply value of 6.22 billion.
Mantle (MNT) Can Revisit $1 Mark: Can Bulls Conquer The Battle?
The price action data indicated a fresh buying momentum, and the token price triggered a rebound and attained follow-on buying. For the past two weeks, buyers have continued closing above their previous day’s highs, which conveyed strength in the bull.
If the sellers do not breach the downside mark of $0.8000, the short-term reversal momentum will remain intact. Also, a further glimpse of recovery can seen ahead.
Amidst the lower low swings, the token moved out of its lower trajectory and was on the verge of trapping the seller army. A major inclination can seen once the $1 mark breaches.
Speculative Move On the Social Front
The Social Dominance data conveyed that significant chatter among the investors was on the cards about the upcoming breakout. Additionally, speculative moves were observed on the chart.
Meanwhile, the weighted sentiment data highlighted a downtick and declined by 2.30% in the past hours, implying a negative outlook.
The RSI curve showed a sharp vertical spike revisiting the overbought zone, and a positive crossover noted on the chart. Likewise, the MFI index showed the buying pressure was intact.
Total Liquidations Chart
When writing, the short liquidations were $21.54k, whereas the long liquidations were $4.30k. That means the Bulls have outpaced the Bears, and a significant reversal might be seen.
The immediate support levels for the MNT token were $0.8400 and $0.8300 at press time. The key upside hurdles were around $0.9200 and $1.
MNT Bulls Are Optimistic
The MNT token price climbed above the 20-day EMA mark and reached its most vital resistance hurdle of $0.8800. Once it crossed, significant bullish traction activity might be seen.
