Mantle (MNT) is causing ripples in the cryptocurrency market, and it is showing impressive technical power as it trades at $1.7368, with a significant 13% increase in the past 24 hours, according to CoinMarketCap data. The rising interest of investors is reflected in the 85% increase in daily trading volume, which goes hand in hand and justifies the bullish trend that Layer-2 scaling solution is picking up.
The technical chart shows an attractive bullish story in various timeframes. The price has been trading above the two major exponential moving averages, with the 50-day EMA standing at $1.3259 and the 200-day EMA standing at $0.9808. The golden cross pattern, where the shorter moving average trades much higher than the longer moving average, is usually an indication of long-term upward momentum and the transition between bearish and bullish moods.
This optimistic view is supported by the MACD indicator, which shows a positive convergence of the MACD line above the signal line. The bars of the histogram indicate positive momentum, which is rising, implying that the buying pressure remains stronger than the selling pressure. This technical congruency shows that the existing uptrend can be extended further.
Source: Tradingview
To further support the bullish argument, the RSI value of 63.96 places the asset in a moderately overbought position but not yet in the extreme overbought levels of 70 or above. The sentiment indicator shows that the market psychology is overwhelmingly positive, and the current readings indicate that the market will keep appreciating in price.
In terms of price structure, Mantle has managed to overcome the past levels of resistance at the $1.40 mark and has turned this area into a potential support. The fact that there was a great volume confirmation during this breakout makes this technical development more reliable.
In the future, the most logical target is the psychological level of $2.00, which is about 15% of the current price increase. This target is consistent with fibonacci extension levels and offers a decent risk-reward scenario to traders.
The combination of good technical indicators, high volume, and good market sentiment puts Mantle in a good position to perform well in the near future, and it is a cryptocurrency to watch.
Highlighted Crypto News Today:
Shiba Inu’s Three-Year Reign as Second-Largest Meme Coin Faces Pepe Challenge
Also read: HYPE Token Supply Faces 45% Cut Amid ASTER Market Surge
