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- Mantle dropped 5.11% in 24 hours, with heavy selling pushing MNT toward $1.18.
- Technical indicators and Open Interest suggest bears dominate the short-term trend.
- $1.1 is the next critical support, while $1.4 acts as immediate resistance.
Mantle (MNT) has seen a sharp 5.11% drop in the past 24 hours, accompanied by an 83% surge in daily trading volume. The move reflects intensified selling pressure as traders react to wider market volatility, particularly Bitcoin’s recent swings. The broader crypto market also took a hit, shedding $100 billion in market capitalization and liquidating $1.14 billion in positions within a single day.
Bitcoin Volatility Pushes MNT Lower
On November 2nd, Bitcoin’s price fluctuations triggered selling across altcoins, and Mantle was no exception. Bulls had previously defended the $1.58 support level throughout October, but a rejection at Bitcoin’s $116k resistance allowed MNT to slip below $1.58. This pushed the altcoin to a swing low of $1.18, leaving traders eyeing the next critical support at $1.1.
Meanwhile, overhead resistance remains near $1.4, making any short-term rebound a challenging endeavor. Technical indicators suggest that bears remain firmly in control, with the Chaikin Money Flow (CMF) dropping below -0.05, signaling intense capital outflows.
Bears Dominate Technical Indicators
Mantle’s Directional Movement Index (DMI) also points to a bearish trend. The -DI (red) remains above 20, while the ADX (yellow) is trending higher, confirming strong downward momentum on the 1-day chart. Open Interest (OI) has steadily declined, indicating that traders are either being liquidated or staying out due to heightened market uncertainty. Long liquidations are adding further pressure on MNT, making immediate gains unlikely.
Market Outlook: Short-Term Bearish
While a brief rebound toward $1.4 is possible, overall sentiment remains cautious. Heavy selling, bearish technical signals, and market-wide volatility suggest that Mantle may continue facing downward pressure in the coming days. Traders should monitor key support and resistance levels closely, with $1.1 acting as the next significant line of defense.
Mantle’s recent decline highlights the impact of Bitcoin volatility and fearful market sentiment on altcoins. With bearish indicators dominating and capital outflows continuing, MNT faces a challenging road ahead. Investors should proceed with caution and watch for signs of stabilization before considering new positions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Mantle Jumps 30% as Retail Frenzy Builds — Can Bulls Break $2.8?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
