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- Mantle surged 14% in 24 hours, leading the crypto market.
- Resistance near $1.50 remains the key barrier to a new all-time high.
- Spot and derivatives markets show strong bullish momentum despite mixed technical signals.
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Mantle [MNT] has emerged as one of the strongest performers in the crypto market over the past 24 hours, climbing 14% to outpace major assets. The rally has sparked renewed optimism among traders, though technical signals remain mixed, leaving the token’s short-term direction uncertain.
Resistance Holds Key to Next Move
MNT’s breakout followed the breach of a bullish triangle pattern, pushing the asset to the edge of its key resistance level. This barrier has proven difficult to overcome, as MNT has faced rejection at this zone twice in recent trading sessions. The resistance currently stands just below its all-time high of $1.514, making it the crucial level to watch.
If Mantle manages to break through, analysts suggest the token could rally toward uncharted territory. However, failure may trigger a cooldown phase, with selling pressure potentially forcing a pullback.
Technical Indicators Send Mixed Signals
On-chain and chart indicators are pointing in different directions. The Average Directional Index (ADX) continues to trend upward, signaling that momentum for a rally is still in play. In contrast, the Money Flow Index (MFI) shows liquidity outflows and currently sits at 50.2, dangerously close to slipping into bearish territory if selling intensifies.
This divergence highlights the uncertainty around MNT’s next move, with traders watching closely for confirmation.
Also Read: Mantle (MNT) Tops $4B DeFi Treasury: What This Means for Investors
Spot and Derivatives Investors Stay Bullish
Despite the technical caution, investor activity tells a more positive story. Daily spot trading volumes have climbed to $5.3 million, showing continued buying pressure
. Meanwhile, Open Interest in derivatives jumped 22% in the past day to reach $163 million.
Additionally, the weighted funding rate stands at 0.0114%, suggesting traders are betting on further upside. Together, these indicators point toward a strong bullish sentiment in both spot and derivatives markets.
While Mantle still faces heavy resistance near its previous high, overall sentiment in the market leans bullish. If the token breaks through its current barrier, a new all-time high could soon follow. However, traders should remain cautious of a potential cooldown if selling pressure persists.
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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.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
