The Mantle (MNT) price has displayed a notable run over the past week by adding approximately 45% in valuation. Moreover, the hype for altcoins is constantly rising as top tokens continue to display significant fluctuations in their respective portfolios, indicating a positive outlook in the coming time.
The MNT price traded in a closed range between $0.8525 and $1 for a brief period, following which the bulls gained momentum and broke out of the range. However, the rally was short-lived as the price faced rejection at the resistance level of $1.0850, after which the price displayed a neutral trend.
As the market volatility grew, the bulls lost momentum and broke down the support level, after which the price traded sideways for a while. The bulls failed to hold the price above the important support level of $0.8525, resulting in the price trading in a closed range between $0.785 and $0.852.
After testing its low of $0.785, the bulls regained momentum and recorded a jump of 64.64% within the next four days, following which the price faced rejection at the resistance level of $1.2925. Since then, the price has been trading in a closed range between $1.1675 and $1.2925.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the histogram, indicating decreased buying pressure within the market. Moreover, the averages show a mixed sentiment, suggesting uncertainty in the future price action for the altcoin.
Will Mantle Price Increase?
If the market holds the price above the support level of $1.1675, the bulls will regain momentum and run to test its resistance level of $1.2925. Further, if the bulls hold the Mantle price at that level, it will set the stage for the MNT coin price to attempt to test its upper resistance level of $1.40 during the upcoming week.
Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $1.085. Furthermore, if the bears continue to hold power, the Mantle price will prepare to test its crucial support level of $1 in the coming time.
