Price Analysis

Ethena & Mantle Price Stumble! Will ENA And MNT Price Bounce Back This Week?

The market leader, BTC price, continues to hold its price above the $71,000 mark, resulting in altcoins recording a significant uptrend in their respective portfolios. Moreover, top crypto tokens continue to experience a positive price action this week, indicating increased bullish influence.

On the other hand, Ethena (ENA) and Mantle (MNT) price have displayed a positive price action by displaying a constant uptrend in their respective valuations. With the rising bullish sentiment, will these altcoins record massive gains this month?

Ethena (ENA) Price Action:

The ENA coin price has added 1.5% to its portfolio within the past day and 12.20% over the past week. Moreover, it has jumped 8.63% within the past 30 days and has a Year-to-Date (YTD) return of 41.75%, indicating a bullish influence for the altcoin in the crypto space.

TradingView: ENA/USDT

However, the SMA is on the verge of recording a bearish crossover in its 4H time frame, suggesting uncertainty in future price action.

Furthermore, the Relative Strength Index (RSI) continues to trade close to its mid-point, suggesting a weak price action for the Ethena price in the crypto space. Furthermore, the average shows a bearish curve, suggesting a negative outlook for the altcoin.

If the bulls overpower the bears, the ENA price will regain momentum and prepare to test its resistance level of $1.1050 during the upcoming weeks. Negatively, if the bears dominate the market, the Ethena coin price will plunge toward its low of $0.840.

Mantle Price Records A Bullish Reversal:

After displaying a neutral trend by trading in a consolidated range between $0.860 and $1.140, the Mantle price has recorded a bullish price movement by recording a surge of approximately 32%. However, the bulls lost momentum and the altcoin leveled all its gains.

Mantle Price Analysis
TradingView: MNT/USDT

The technical indicator, MACD, displays a rising pattern in the 1D time frame, indicating an increase in the buying-over-selling pressure in the crypto market. Conversely, the averages show a neutral price action, suggesting a mixed sentiment for the MNT price.

If the market holds the price above the support level of $1, the Mantle price will prepare to test its upper resistance level of $1.2730 during the upcoming weeks. However, bearish price action could pull the MNT coin price toward its lower support level of $0.860 this month.

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