Sohrab Khawas
With the wider market trend growing volatile as Bitcoin fluctuates near $63,000, the Mantle showcases a bullish opportunity. As the MNT token price drops to the 50D EMA, the bulls are going defensive to hold dominance at critical levels.
The bulls absorb the immense supply waves to avoid the 50D EMA breakdown, leading to multiple lower price rejection candles. Hence, the underlying demand for Mantle is significant.
With a solid defense and the increasing chances of a bullsih trend continuation, will the MNT price reach $2?
Securing a spot in the Top 30 Crypto on Coinmarketcap, Mantle has a market cap of $3.827 Billion. Further, the MNT altcoin avoids a drop below the psychological mark of $1 during the market crash.
The MNT price action showcases a rising channel in action, meanwhile the MNT price avoids a closing below the 50D EMA. Further, the long-tail candles increase bullish reversal chances from the $1 mark or the 38.20% Fibonacci level.
Currently, the Mantle token price trades at $1.16 with an intraday growth of 3.53% to form a bullish engulfing candle. However, the sideways trend prolongs for the altcoin as it fails to break above the 23.60% Fibonacci level.
Will The MNT Price Halt Before $1,000?
As per the Fibonacci retracement in the daily chart, the MNT price consolidates between the 23.60% and 38.20% Fibonacci levels. In short, the $1.17 and $1 levels are the crucial breakout spots for the sideliners to find the next decisive trend in Mantle.
A bullish breakout of the consolidation projects a greater likelihood due to multiple demand elements. Further, the upcoming Bitcoin Halving could improve the broader market optimism. The $1.17 breakout rally could surpass the $1.43 peak and the $1.50 barrier to reach $2 in a few weeks.
Conversely, a drop below $1 will test the 50% Fib level at $0.8799.
