Cryptocurrency Mantle (MNT) has shown significant growth, increasing by 16.06% in the last 24 hours. This rise is notable amidst a general market decline.
Price Surge of Mantle
Mantle (MNT) has risen above $1.30 in the last 24 hours, increasing its weekly gain to over 30%. This occurred despite a downturn in the market triggered by higher-than-expected Producer Price Index (PPI) data in the US, which negatively affected many altcoins.
Bybit EU Announcements
The rise in MNT's price began on August 14th, when Bybit's EU branch announced its first Launchpool involving MNT. Users can allocate MNT, XION, and USDC to share in a 100,000 XION reward pool. This product marked Bybit’s first MiCA-compliant staking solution, indicating a high level of regulation in the European market. Consequently, interest in MNT is increasing.
Price Chart of Mantle
According to Coinglass, as MNT surpassed the $1.30 price level, over $5 million in short positions are clustered between $1.31 and $1.40. This creates a potential ceiling where sellers might attempt to limit further growth. However, long positions significantly exceed short ones, totaling $16 million. Should sellers fail to maintain the $1.30 level, MNT might rise to $1.40 and above.
Current events highlight increasing investor interest in Mantle, suggesting potential further changes in the price trend. In the short term, the $1.35 level will be an important point to watch.
