"" Mantle (MNT) has emerged as one of the highest daily gainers in the Layer-2 sector, with a 2.95% increase in 24 hours and a 9.6% boost to daily trading volume.
However, these gains are part of a larger trend, with MNT having rallied by 7.71% since August 4th. The Mean Coin Age has been trending higher since March, indicating accumulation and long-term holders remaining strong. The 30-day holder MVRV has risen to 2.77%, signaling that these holders are at a slight profit.
The recent upward momentum has been a result of a recovery from a bearish structure break in June, but the overall trend remains downward. The OBV has been rising slowly, just like the A/D, to signal some buying pressure over the past month.
If this momentum is maintained, it is possible that Mantle bulls could drive a rally as high as $0.515-$0.550, the key Fibonacci retracement levels overhead. However, the $0.45-supply zone sits close to the market price and could offer stubborn opposition to any gains.
A strong hike in trading volumes and a potential Bitcoin move beyond the $67K local resistance could help sway MNT sentiment bullishly. But for now, the risk of profit-taking and a breakeven sell-off remains a concern for short-term holders.
Short-Term Holders at Risk of Profit-Taking
The MVRV metric has been rising, signaling that short-term holders are turning profitable. This trend could lead to profit-taking and a sell-off, as seen in May and early July.
Bullish Momentum Shift
The RSI has crossed over above neutral-50, indicating a bullish momentum shift. If this momentum is maintained, it could drive a rally as high as $0.515-$0.550.
Key Levels to Watch
The $0.45-supply zone sits close to the market price and could offer stubborn opposition to any gains. The $0.515-$0.550 Fibonacci retracement levels overhead could also be a key level to watch.
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