- 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.
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.
@0xMantle gona continue to cook
We are just getting started pic.twitter.com/C2RH48adQn
— Defi_Maestro ✺ (@Defi_Maestro) January 5, 2024
KashKysh believes that a rotation toward the Ethereum ecosystem is underway. Hence, layer-2 solutions like Arbitrum and Mantle will enjoy success.
As the ETH rotation is on, here's the playbook:
L2s are the obvious beta play: $METIS $MNT $ARB $OP
Strongest narrative is Restaking: $RSTK – gud time to drop $EIGEN please
LST: $RPL $LDO $FXS $BTRFLY$BANANA will also profit heavily from this rotation, i'm balls deep in it pic.twitter.com/bakUTi2cXI
— KashKysh ❄️ (@KashKysh) January 10, 2024
Finally, Lisa Edwards noted the new all-time high reached today.
$MNT is one to watch!!! Layer 2 pic.twitter.com/Bwc1SVpFBI
— ❣️Lisa N Edwards❣️ (@LisaNEdwards) January 10, 2024
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