BTCEthereumNEARNews

Is MNT Preparing to Cross 52-Week High?

2 Mins read

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

MNT Price
Source: MNT Price Chart By TradingView

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

MNT Price
Source: MNT Price Chart By TradingView

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

Source

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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.
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