Mantle (MNT) price is seeing a surge, rising 6% to above $1.04, following Bitcoin’s spike to over $71,000. This increase in MNT price comes after a period of struggling to break out of a tight range. Positive developments in the network and the overall crypto market outlook are expected to contribute to further gains for MNT.
The daily trading volume for MNT has increased by 110% to over $130 million, indicating growing interest in the coin. MNT is now among the top performers in the top 100 coins by market cap.
The recent surge in MNT price is attributed to the overall bounce in the crypto market, driven by Bitcoin’s rise. Analysts are optimistic about BTC and predict a positive trajectory for ETH due to the potential approval of spot Ethereum ETFs. These factors are likely to have a positive impact on MNT price.
In March, MNT experienced a surge of over 40%, surpassing the $1 mark, and reaching an all-time high above $1.50 in April. The listing on South Korea’s largest crypto exchange, Upbit, and the introduction of the Mantle Rewards Station contributed to the optimistic sentiment surrounding MNT.
Although MNT price has faced difficulties since dipping below $1.40 in mid-April, recent developments in the SocialFi and gaming dApps space indicate a potential for a fresh rally. The deployment of a $5 million ecosystem fund to support various projects has boosted the network’s protocols and resulted in a nearly doubling of Total Value Locked (TVL) across these projects.
The daily chart shows that MNT price is within a key range, with the Bollinger bands marking the boundaries. A break above $1.10 could pave the way for a retest of the resistance line at $1.26. However, the RSI and MACD indicators suggest that bears may still have some influence, with primary support levels at $0.94 and $0.78 in case of a downward trend. Overall, the outlook for MNT price remains positive, with the potential for further gains.