Can MNT Price Revisit Its All-Time High?
MNT, the native token of the Mantle Network, the layer 2 technology stack used to scale Ethereum, has surged 13% in price over the past 24 hours. This made it the market’s biggest gainer during the period, outperforming the top 100 cryptocurrencies by market capitalization.
Strengthening demand and rising investor confidence suggest the rally may continue in the short term. Here’s how.
Mantle Token Demand Rocket
According to Santiment, Positive Price Daily Active Addresses for MNT The (DAA) divergence indicator reflects the growing demand for the altcoin. As of press time, the indicator was 54.67%.
This is a strong buy signal as the difference indicates increased user activity on MANTLE. This is likely to continue to drive up demand for MNT and further strengthen price increases.
Additionally, MNT’s Network Realized Profit and Loss (NPL) is below zero at -131,000, indicating Profit-taking activity reduced among market participants.
An asset’s NPL measures the total profit or loss realized on all tokens or tokens that changed hands on a given day, comparing their sale price to their purchase price. Negative NPLs like this indicate that, on average, assets are sold at a loss.
This could stop the MNT sell-off in the short term as it reflects the losses of those who sold below the purchase price. Therefore, as fewer tokens are sold at a loss, downward pressure on the market lessens, reinforcing the ongoing rally.
MNT Price Forecast: Can the Bullish Momentum Continue?
An assessment of the MNT/USD one-day chart shows that double-digit gains have pushed MNT’s price above the 20-day exponential moving average (EMA).
The 20-day EMA measures the average price of an asset over the past 20 trading days, weighing recent prices to determine short-term trends.
When the price of an asset climbs above the moving average, it is considered a bullish signal, indicating that the price is trending upward and may continue to rise as market sentiment improves.
If MNT price continues to rise, its value may break above the $1.29 resistance and rise higher to meAn all-time high of $1.51; last reached in April.
On the other hand, this bullish outlook will be invalidated if selling pressure intensifies. In this case, the price of MNT could drop to $1.11.
Disclaimer
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