Last week, Mantle (MNT) price showed a significant increase, gaining approximately 45% in value. During this time, interest in altcoins continues to grow as significant fluctuations in the portfolios of top tokens continue. This paints a positive picture for the coming period.
MNT price briefly traded in a tight range between $0.8525 and $1. But then the bulls gained momentum and broke out of this range. However, the rally was short-lived as the price was rejected at the $1.0850 resistance level. Then the price started to show a neutral trend. This indicates that the market may remain in balance for a while to determine the next move of the price.
As the volatility in the market increased, the bulls lost momentum and pulled the support level down, and the price remained horizontal for a while. The bulls failed to maintain the important support level at $0.8525, causing the price to trade in a closed range between $0.785 and $0.852.
After testing the low at $0.785, the bulls regained momentum and registered a 64.64% bounce over the next four days, after which the price was rejected at the $1.2925 resistance level. Since then, the price has been trading in a closed range between $1.1675 and $1.2925.
A continuous decline is observed in the Moving Average Convergence Divergence (MACD) histogram, indicating that the buying pressure in the market has decreased. Additionally, the averages show mixed sensitivity, altcoin It indicates uncertainty in future price movement. This may indicate that the market may remain in balance for a while before the price moves in a significant direction.
Will Mantle Price Increase?
As reported by Koinfinans.com, if the market price remains above the $1.1675 support level, the bulls may gain momentum and move to test the $1.2925 resistance level. It can also be observed that if the bulls support the MNT price at this level, the altcoin could form a base to test the upper resistance level of $1.40 over the next week.
On the other hand, in case of a trend reversal, the bulls may lose momentum and pull back to test the $1,085 support level. If the bears continue to hold power, Mantle price could be poised to test the important $1 support level in the coming period. The realization of these scenarios will depend on the general dynamics of the market and the movements of traders.
