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Mantle (MNT) Price Reaches New All-Time High, Is $1 Possible?
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Mantle (MNT) Price Reaches New All-Time High, Is $1 Possible?

  • Mantle’s (MNT) price broke out and reached a new all-time high today.
  • The daily time frame Relative Strength Index (RSI) and price action both support the bullish MNT trend.
  • Despite the bullish MNT price prediction, falling below $0.58 will invalidate the bullish MNT wave count.

The price of Mantle (MNT) has been on an upward movement since October 18, 2023. The increase caused a breakout from the previous all-time high region of $0.53 in December.

Then, after some consolidation, MNT began another upward movement on December 18. 

After creating a higher low on January 8, 2024, the altcoin accelerated its rate of increase, reaching a new all-time high price of $0.82 today. 

Mantle Price Chart | Source: Coinstats

 

The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite. 

The daily RSI is increasing and above 50. Also, it broke out from its bearish divergence trend line (green), which is all a bullish sign.

See Also: The Price Of Immutable (IMX) Rises More Than 4% In 24 Hours

What Are Analysts Saying?

Cryptocurrency traders and analysts on X are bullish on the future MNT trend.

Defi Maestro is bullish because of the increasing number of daily transactions. Currently, MNT has more than 800,000 daily transactions, lagging behind Arbitrum but nearly twice as much as Optimism.

KashKysh believes that a rotation toward the Ethereum ecosystem is underway. Hence, layer-2 solutions like Arbitrum and Mantle will enjoy success. 

Finally, Lisa Edwards noted the new all-time high reached today.

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