Cryptocurrency EducationEthereumIndustry AnalysisMarket AnalysisNewsPrice Prediction

Mantle (MNT) Price Reaches New All-Time High

2 Mins read

The Mantle (MNT) price has increased without much retracement since October 2023, reaching a new all-time high price today.

Does MNT have enough strength to reach $1 finally? Let’s find out!

MNT Reaches New All-Time High

The MNT price has been on an upward movement since October 18, 2023. The increase caused a breakout from the previous all-time high region of $0.53 in December.

Then, after some consolidation, MNT began another upward movement on December 18. After creating a higher low on January 8, 2024, the altcoin accelerated its rate of increase, reaching a new all-time high price of $0.80 today. 

Mantle (MNT) Price Movement
MNT/USDT Daily Chart. Source: TradingView

The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite. The daily RSI is increasing and above 50. Also, it broke out from its bearish divergence trend line (green), which is all a bullish sign.

What Are Analysts Saying?

Cryptocurrency traders and analysts on X are bullish on the future MNT trend.

Defi Maestro is bullish because of the increasing number of daily transactions. Currently, MNT has more than 800,000 daily transactions, lagging behind Arbitrum but nearly twice as much as Optimism.

Mantle Daily Transactions
Mantle Daily Transactions. Source: X

KashKysh believes that a rotation toward the Ethereum ecosystem is underway. Hence, layer-2 solutions like Arbitrum and Mantle will enjoy success. Finally, Lisa Edwards noted the new all-time high reached today.

MNT Price Prediction: Is $1 Reachable?

The technical analysis from the six-hour time frame suggests the MNT price will continue increasing parabolically. This is because of the wave count.

Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend.

The most likely count suggests that MNT is in wave three of a five-wave increase. The defining trait of this count is the running flat correction (black) that completed wave two. Such corrections are a sign of strength and often lead to significant upward movements.

Giving waves one and three a 1:1 ratio can lead to a high of $0.93, an increase of 17% from the current price.

However, since wave three often extends, it can reach the 1.61 length of wave one at $1.14. This will be an increase of 44% from the current MNT price.

Mantle (MNT) Price Prediction
MNT/USDT Six-Hour Chart. Source: TradingView

Despite this bullish MNT price prediction, falling below the wave two low of $0.58 (red) will invalidate the count. Then, MNT can fall by 40% to the next closest support at $0.45.

For BeInCryptos latest crypto market analysis, click here.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.