TradeCityPro | MNT: Momentum in Mantle's Layer 2 Network
2024-12-22
Category: None

👋 Welcome to TradeCityPro!
In this analysis, I’ll review MNT, the token for the Mantle Network, which is a Layer 2 solution on Ethereum. Over the past few weeks, this token has shown significant bullish activity. If you’ve been following our YouTube channel, you’ve likely participated in the Cook airdrop on Mantle and bought MNT at lower prices.

🔍 After the price reached the $1.2701 zone and made a false breakout, it failed to reach the $1.4386 resistance level and began a correction, retracing to the 0.236 Fibonacci level.

📊 Despite the ongoing correction, selling volume has decreased, and green candles exhibit higher volumes, indicating the strength of MNT’s bullish trend.

📈 If the price breaks through $1.2701, it can easily register a new all-time high. However, to determine the precise targets, we need to wait for the breakout confirmation and utilize Fibonacci extension levels.

🧩 If the price fails to hold the 0.236 Fibonacci level, it could drop further toward the 0.382 level, which overlaps with the $0.9248 support zone.

🔽 Further support zones include the 0.5 Fibonacci level at $0.83 and the range between 0.707 and 0.786 Fibonacci levels, which intersects with the $0.655 support zone.
A breach of the $0.655 support would indicate the end of the uptrend, with the final major support resting at $0.5373.

✨ Additionally, breaking the 50 RSI support would increase the likelihood of a bearish continuation scenario.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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