- In the last two months, the MNT crypto price has advanced by 100%.
- Mantle crypto is trading with flat volume followed by the last 24 hours.
Mantle Network is a Layer-2 scalability solution for Ethereum that uses optimistic rollups and data availability. Mantle (MNT) is its governance and utility token that allows voting, paying fees, and staking. The MNT coin is an ERC-20 token that migrated from BitDAO (BIT) in July 2023.
As per CoinMarketCap, the market cap of the MNT crypto is $1.945B resulting in a market cap rank of #37. The volume/market cap ratio of the crypto is 0.0097 followed by the last 24 hours.
Following this, the market cap of the crypto has advanced by 1.25% in the last 24 hours. Also, the spot trading volume for the MNT crypto has declined by 0.68%, resulting in $152.435M. This phenomenon has resulted in a ranking of 58th for the trading volume in the CoinMarketCap.
Mantle Token Contract Overview
The maximum supply of the Mantle token is 6.219B MNT and has 9.2K coin holders. Moreover, the total number of transfers initiated for the crypto is 39.8K. The fully diluted market cap of the coin is $3.903 billion and a circulating supply of $1.966 billion.
Technical Analysis of the MNT Coin
The MNT coin is following a higher high structure formation and has broken above the all-time high price. This behavior of the price represents the dominance of buying pressure in the market.
MNT/USD Chart by TradingView
By looking at the 4H chart, it is clear that the crypto price is leading to new highs by breaking above the higher break of structure levels. The most recent and important swing low is situated at a level of $0.545.
Therefore, if the MNT crypto price breaks below the following given level, it might witness further profit booking. It can lead the price to further lows.
The MACD on the 4H is giving a bullish signal as the singal line and MACD line are trading above the zero level. The signal line is trading in a golden cross above the MACD line.
Conclusion
The MNT coin is a Layer-2 scalability token for Ethereum and has reached a new all-time high price after breaking above a key resistance level. The price has surged by more than 100%, breaking above the all-time high and the MACD is bullish.
The MNT coin has a high market cap and a low volume/market cap ratio, indicating strong demand. It also is following a strong market structure, which can lead the trading price to further highs.
Technical Levels
- Support levels– $0.460 and $0.5450
- Resistance levels– $0.6500 and $0.6700
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.