Mantle (MNT) Trading at $1.02 Amid Market Downturn and Analyst Cautions
Mantle (MNT) Overview
- MNT is trading at $1.02, slightly above its $1 support level, with a 2% drop in the past 24 hours.
- Some analysts view this consolidation as a potential accumulation opportunity.
- Analyst Ali Martinez warns of a possible double-top pattern, which could lead to a price decline to $0.53 if confirmed.
- A multisignature wallet deposited 15.5 million MNT (worth $16.32 million) into Bybit, often indicating selling pressure.
- Despite the market downturn, MNT has only dropped 2% in the last month, with 63% of holders in profit.
- MNT's market cap is $3.46 billion, ranking 35th among cryptocurrencies, and it remains 31% below its all-time high of $1.51 from April 2024.
MNT Price Analysis
- The RSI is at 44, suggesting neutral to slightly bearish momentum; a drop below 40 may lead to increased selling pressure, targeting $0.90 or lower.
- MNT is testing the lower Bollinger Band, indicating oversold conditions and potential for a short-term bounce.
- The MACD line is below the signal line, showing bearish control but signs of weakening momentum could indicate a reversal if buying volume increases.
- Current 24-hour trading volume is down 30%, at $109 million.
- If MNT stays above $1.00 and breaks $1.10, it may rise to $1.25 or $1.35. A drop below $1.00 could see it fall towards $0.90, with a sharper decline to $0.53 if the double-top pattern forms.
- Predictions suggest MNT may be among the first tokens to recover its all-time high when the market rebounds.
