Crypto News– The short-term outlook for Mantle (MNT) appears to be bullish, suggesting the possibility of an upside reversal in the coming month. Currently, MNT’s price is hovering close to its year-to-date (YTD) low, which is serving as a robust support level for bullish sentiment. Market participants are making concerted efforts to defend these lows in order to maintain investor confidence.
September 29 Mantle Price: MNT Price Near YTD Low; Will it Recover?
It’s worth noting that Mantle’s price is currently trading below both the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a prevailing downtrend. However, this extended downward movement has led to the price becoming oversold, potentially setting the stage for a short-term relief rally that could initiate from these lower levels.
Over the past few months, Mantle’s price has displayed a bearish bias, marked by a series of lower-low swings. This extended decline has wiped out a significant portion of its previous gains, bringing the price back to its YTD lows. Historically, buyers have made multiple attempts to push the price above the 50-day EMA, but their efforts were consistently met with strong selling pressure, leading to subsequent downward reversals.
The recent descent in Mantle’s price seems to have found some support around the $0.3500 level, indicating a potential weakening of bearish momentum. Currently, Mantle is trading at $0.3881, experiencing a minor intraday decline of -1.17%. The 24-hour volume-to-market-cap ratio stands at 1.47%.
In summary, while Mantle’s short-term outlook suggests a bullish reversal may be on the horizon, it’s essential to monitor the price action closely, especially its interactions with key support and resistance levels, to gain a more comprehensive understanding of its future trajectory in the cryptocurrency market.
Is There a Potential Reversal in Store for Mantle Price at the Support Level?
The Mantle price prediction currently appears to be leaning in favor of the bulls, indicating the potential for an upward trajectory in the long term. After experiencing a substantial correction from its recent swing high, there is a possibility that the downward momentum could come to a halt, leading to a period of narrow-range consolidation.
Crucially, as long as the price of MNT cryptocurrency remains above the critical support level at $0.3500, it is likely to keep the buyers actively engaged in the market. Consequently, initiating fresh short positions carries a higher level of risk. Furthermore, if the broader cryptocurrency market undergoes a recovery phase, it could positively impact the price of MNT and other altcoins.
From a technical analysis perspective, it’s notable that Mantle’s price is currently situated near a demand zone, which increases the likelihood of a potential reversal or turnaround. This zone typically acts as a point of strong support, where buying interest tends to surge, potentially driving the price upward.
MNT Price Fell For Three Consecutive Weeks
The Mantle (MNT) price has experienced a notable decline over three consecutive weeks, resulting in the formation of a bearish pattern on the weekly time frame. Currently, the price action does not exhibit strong indications of an imminent upside reversal.
The MACD (Moving Average Convergence Divergence) curve, characterized by its sideways trajectory, suggests that prices may undergo a period of consolidation before determining their next direction. Meanwhile, the Relative Strength Index (RSI), currently at 37, indicates weakness in the market. However, should prices rebound, the RSI could potentially move towards neutral territory, showing a possible improvement in sentiment.
In summary, the Mantle price prediction for the next month maintains a bullish outlook, with signs that the bulls are becoming more active. The price of MNT appears oversold and is trading near its year-to-date (YTD) high, making it possible for a pullback rally to occur from these lower levels. The analysis underscores the importance of the $0.3500 support level, as long as it is held, the likelihood of a recovery remains relatively high. However, traders and investors should continue to monitor the market closely for any shifts in sentiment or technical signals that may impact the price trajectory.
1 Comment