Mantle Price Jumps Over 20% Today! Will MNT Price Hold Its Gains?

The post Mantle Price Jumps Over 20% Today! Will MNT Price Hold Its Gains? appeared first on Coinpedia Fintech News

The Mantle (MNT) price has gained over 21% within the past 24 hours, making it one of the top gainers of the day over the past day. Further, the MNT price has added over 33% over the past week, indicating a massive bullish move in the cryptocurrency market.

The Mantle price traded in a narrow space between $0.5773 and $0.6045 for a while, following which the bulls lost momentum and the price experienced a breakdown. The MNT token then traded between $0.5468 and $0.5773 for three days, after which the bulls regained power and jumped over 15%.

The price then faced rejection at $0.6353, following which the price recorded a correction of approximately 10% in valuation. However, the bulls quickly regained power, resulting in a bounceback of 15%.

After this, the price traded sideways in a narrow space between $0.6353 and $0.6675 for about a week. The bulls attempted a breakout, but the bulls lost momentum, resulting in a correction of over 15%.

Following this, the price traded sideways between $0.5773 and $0.6045 for a while. As the market gained momentum, the MNT price recorded a jump of 38.5% in valuation.

Currently, the price is testing to break out its resistance level at $0.80 of which the outcome is uncertain.

Will MNT Price Continue Rising?

The Relative Strength Index (RSI) has breached the overbought range, indicating massive buying pressure in the market. Further, the averages show a constant rise in the chart, suggesting the price is about to experience a significant price action in the coming time.

If the bulls hold the price above the resistance/support level of $0.80, the MNT price will prepare to test its upper resistance level of $0.85. If the market holds the price at that level, the Mantle price will prepare to test its resistance level of $0.90 by the weekend.

Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $0.7062. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.6675 in the coming week.