Mantle (MNT) Shows Bullish Resilience Amidst Market Volatility

April 18, 2024 BACK TO NEWS

As Bitcoin hovers around $63,000 amid wider market volatility, Mantle (MNT) emerges as a token showcasing bullish potential. Despite fluctuations, MNT's price action near the 50-day Exponential Moving Average (EMA) signals a defensive stance by bulls to maintain dominance at critical levels.

Bullish Defense at Critical Levels

Despite market turbulence, Mantle's price has shown resilience, with bulls absorbing significant supply waves to prevent a breakdown below the 50-day EMA. Multiple rejection candles at lower prices underscore the substantial underlying demand for Mantle.

Potential for Price Growth to $2

Securing a prominent position in the Top 30 Cryptocurrencies on CoinMarketCap, Mantle boasts a market cap of $3.827 billion. Remarkably, the MNT token avoided dropping below the psychological barrier of $1 during recent market crashes.

Technical Analysis and Current Price Status

Mantle's price action reflects a rising channel pattern, with the token successfully avoiding a close below the 50-day EMA. Long-tail candles signal increased chances of bullish reversals from key support levels, such as the $1 mark or the 38.20% Fibonacci level.

As of now, Mantle trades at $1.16, displaying an intraday growth of 3.53% with the formation of a bullish engulfing candle. However, the sideways trend persists as MNT struggles to break above the 23.60% Fibonacci level.

Outlook and Potential Breakout Points

The Fibonacci retracement in the daily chart suggests that MNT is consolidating between the 23.60% and 38.20% Fibonacci levels, with crucial breakout points at $1.17 and $1. A bullish breakout from this consolidation phase is anticipated, supported by multiple demand factors and the upcoming Bitcoin Halving, which could boost broader market sentiment.

Conclusion

Amidst market volatility, Mantle (MNT) demonstrates resilience and bullish potential, with defensive measures by bulls to maintain critical support levels. With a solid defense and positive market indicators, including a potential bullish breakout and the broader market sentiment, MNT's price trajectory appears poised for further growth, potentially reaching $2 in the near term.