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Mantle Soars 12% – How This Could Help MNT Reclaim $1.40
The Mantle (MNT) cryptocurrency has experienced a remarkable surge of 12.31%, reaching a 7-month high of $1.26 before retracing to $1.21 at the time of writing. This sudden rally has sparked significant interest, with many wondering what lies ahead for the digital asset.
According to recent data, it appears that the whales have returned to the scene, contributing to this impressive upswing. The data from CryptoQuant reveals that Mantle recorded Big Whale Orders between August 15th and 16th, indicating a shift in whale participation towards accumulation mode. This trend is further corroborated by Spot Buy vs Sell Volume metrics, which indicate aggressive accumulation.
Furthermore, exchange flows have also followed this narrative, with CoinGlass reporting negative Netflow numbers for the digital asset over a sustained period. Historical data suggests that such outflows often precede stronger upside pressure in Mantle’s price action.
Meanwhile, derivatives data has also hinted at a significant shift in market sentiment. According to Coinglass, both Derivatives Volume and Open Interest have seen substantial increases. The $103.6 million recorded in Derivatives Volume marks a 14.19% rise, while the Open Interest climbed by an impressive 26%. It is crucial to note that these indicators frequently precede significant market movements.
The recent momentum surge has also led to a considerable change in momentum indicators. Specifically, Mantle’s Moving Average Convergence Divergence (MACD) surged to 0.11, while its Stochastic RSI hiked to the overbought zone at 89%. These metrics signal strong demand and buyer dominance.
While some may be concerned about the possibility of volatility or a sharp reversal, such momentum often carries warnings of turbulence ahead. However, if Mantle can maintain its upward bias, it is possible that it could reclaim $1.20 and potentially target resistance at $1.40.
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Source: ambcrypto.com
