- Mantle posted a gain of over 21%, trading at $0.88.
- MNT’s daily trading volume has skyrocketed by 283%.
Crypto assets have been swinging between gains and losses, with their prices shedding the recent gains. The largest assets, like Bitcoin and Ethereum, are attempting to reclaim the recent highs. Almost every day, a few altcoins are stealing the spotlight. Today’s top gainer position is secured by Mantle (MNT).
Mantle has registered a gain of over 21.64% and chose to initiate a steady bullish correction for the day. In the early hours of August 5, the asset traded at its low range of $0.7256. With the bullish pressure in the MNT market, it has ascended to a high of $0.9134, testing the resistance levels between $0.7260 and $0.9130.
CMC data has reported that at the time of writing, with a market cap of $2.98 billion, Mantle trades at around the $0.8841 mark. Additionally, MNT’s daily trading volume has skyrocketed by over 283%, reaching $630 million. Also, the Coinglass data shows the market has experienced a 24-hour liquidation of $597.20K worth of Mantle.
Will Mantle’s Rally Gain More Steam?
Mantle’s Moving Average Convergence Divergence (MACD) line is stationed above the signal line. This crossover is often a bullish signal, with upward momentum and a potential price increase. Besides, the money is flowing into the asset as the Chaikin Money Flow (CMF) indicator of MNT is settled at 0.20. Also, it shows moderate buying pressure in the market, but the strength is not extreme.
With the active bull power in the market, the Mantle price might climb and test the nearby $0.8847 resistance. Holding the upper trend line triggers the upside correction, and the bulls initiate the golden cross to emerge, which could send the price above the $0.8853 mark.
In contrast, assuming the comeback of the bears and taking control over the asset, the price could fall immediately toward the $0.8835 range. Losing this level might result in Mantle’s steady downside correction and the formation of a death cross, with the price slipping to $0.8829.
Moreover, MNT is approaching overbought territory as the daily Relative Strength Index (RSI) is positioned at 69.41. The ongoing bullish momentum may continue with the growing risk of a pullback or consolidation. Significantly, the Bull Bear Power (BBP) reading of 0.1573 signals modest bullish dominance. If the value turns negative, it may likely hint at a trend reversal.
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