- Mantle price is struggling between the 20-day and 200-day EMAs.
- MNT price is up by 200% since October 2023, demonstrating buyers’ involvement.
The chart structure of the Mantle price displays that the price has been rising by taking support on the trendline. The price has been trading over the 200-day EMA, highlighting the bulls’ dominance. From the second week of April, profit booking was observed and a bearish momentum was detected.
Since October 2023, the digital asset price has been in a strong bullish trend and reached an all-time high of $1.51 on April 08, 2024, and witnessed a slow and continuous fall.
The MNT price reached a $1.40 hurdle in the last week of March but failed to sustain. Moreover, the MNT price made another attempt to sustain an all-time high but sellers were strong enough and convinced the short-term investors for profit booking.
When writing, the MNT price traded at $0.982 which has lost 1.25% in the past intraday session. The market cap is $3.20 Billion and the fully diluted market cap is $6.10 Billion. The 24-hour trading volume is $87.88 Million and the price has secured 213% from its all-time high.
Market Cap Has Decreased But Volume Has Remained Constant
The given data shows that the market capitalization has dropped throughout April. However, the trading volume has remained constant. For the last 4 days, the trading volume has decreased by more than 100% which has left a positive impact on the market cap. Suppose the trading volume keeps increasing then the market capitalization can also increase.
Mantle Crypto Social Dominance And Social Volume Analysis
According to the graph, social dominance has surged by 300% in the last 4 days but the social volume has remained constant. If the interaction and involvement on social media like Instagram, X, and Telegram keep increasing and social volume increases, then it may positively affect the price.
Mantle Price Technical Analysis Over 1-D Timeframe
Track all markets on TradingView
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Mantle price is taking support on the trendline and has formed a morning star pattern on the trendline. The price is up by 17 in the past 3 days after taking support on the trendline.
Suppose the Mantle price exceeds the 20-day EMA and sustains then the buyers may become confident and eye for a new high. On the other hand, if the asset price fails to defend the trendline and sustains below the 20-day EMA, selling pressure for the next few days is likely.
Technical indicators suggest that the price is struggling between the key moving average, demonstrating neutral momentum. MACD is forming red histograms and the MACD and the signal line are below the Zero line showcasing the bearish outlook.
Conclusion
Mantle price is currently in a neutral phase and there is a possibility of a bearish momentum in the short term. However, if the price manages to exceed the 20-day EMA and sustains, it may indicate a bullish trend. Social dominance has surged, and if social volume increases, it may have a positive impact on the price. Additionally, if the trading volume rises, the market capitalization will increase. It is important to keep an eye on the trendline and the key moving averages to determine the next move of the price.
Technical Levels
Resistance: $1.07 & $1.40
Support: $0.92 & $0.78
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post <strong>Mantle Price In Bullish Trend; Will It Manage To Defend $1 Mark?</strong> appeared first on The Market Periodical.