Mantle (MNT) Falls 10% as Bybit Hack Rattles Investors
After Bybit Hack, Mantle (MNT) fell by more than 10%, where about $174 million of CMETH, a mantle-based coin that provides ETH to the MNT ecosystem, was stolen. The hacker is linked to North Korea’s Lazarus Group, triggering panic sales and causing MNT’s relative power index (RSI) dropped to oversell level.
Although MNT’s RSI has rebounded to 39.9 since then, it remains in a bearish territory, reflecting cautious sentiment. Additionally, MNT’s Chaikin currency flow (CMF) is trying to recover, but is still negative, while its exponential moving average (EMA) line indicates a continued downward momentum.
MNT RSI hits powerful oversell levels after Bybit’s hack
Mantle’s RSI dropped sharply from 54.7 to 22.9 in a few hours Bybit Hack,Where North Korean hacker group Lazarus stole $1.5 billionmake it The largest crypto hack ever. Among the stolen assets, CMETH is CMETH, a mantle-based coin that provides the liquidity of ETH for the MNT ecosystem.
The massive outflow of funds triggered panic sales, resulting in a sharp decline in the MNT’s relative strength index (RSI). RSI is a momentum oscillator that measures the speed and variation of price movement, usually from 0 to 100.
It is usually used to identify overbought or oversell conditions with a value above 70 indicating that the conditions are too high and conditions below 30 indicating that the conditions are out of territory. Mantle’s RSI fell to 22.9, indicating extreme sales and reflects a serious bearish feeling of hacker attacks.
After this sharp drop, Mantle’s RSI rebounded to 39.9, showing signs of recovery in the past few hours. RSI below 30 usually indicates that the asset has been oversold and may cause a price rebound as a weakening sales pressure.
Now, as the RSI approaches the neutral zone (30-50 range), this suggests that the momentum for extreme sales has been eased, potentially attracting bargaining hunters or bottom anglers. If RSI continues to rise, it may indicate a growing bullish momentum and may reverse the price trend of MNT.
However, if the RSI fails to exceed 50 thresholds, it may indicate persistent uncertainty and lack of buying intensity, and MNT is vulnerable to further downside risks.
Mantle CMF tries to recover, but is still very negative
MNT’s Chaikin currency flow (CMF) has been in a negative territory before Bybit Hack, reflecting bearish trends and sales pressures. However, after the hack, MNT’s CMF further soared, reaching a negative peak of -0.35 yesterday.
CMF is an indicator that measures the average of accumulation and distribution over a set period. It ranges from -1 to 1, with positive values indicating purchase pressure and accumulation, while negative values indicating sales pressure and distribution.
Slashed to -0.35 to send a signal Strong outflow of mantle. This confirms the huge driving force for sales momentum amid hacker-triggered market fears and uncertainties.
After reaching this negative peak, the CMF of MNT began to recover, currently at -0.24. Although this upward movement is far from the positive direction, it indicates that sales pressure is gradually easing.
Even with negative CMF, the rise in CMF may indicate that bearish momentum is losing steam. If purchases continue to increase, it may pave the way for price stability or even reverse. However, as long as CMF is still in a negative state, MNT prices may face resistance.
A shift to positive CMF will be a more convincing sign of bullish sentiment returning. This may indicate a greater likelihood of price recovery.
The mantle has fallen below $1 for the first time since early February
MNT’s exponential moving average (EMA) line is very bearish, with all short-term EMAs below the long-term. This setting indicates a strong downward momentum as the recent price is weaker compared to historical trends.
If this bearish trend continues, MNT can test support $0.81.
On the other hand, if The mantle began to recover from its recent declineit may test resistance for $0.98. If this level is broken, the next target will be $1.08.
A strong uptrend could raise MNT to $1.31, representing potential 41% upside. However, in order to unfold this bullish situation, short-term EMA needs to surpass long-term emas, which shows the momentum of buying momentum.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
