The cryptocurrency market is experiencing instability while Mantle (MNT) shows significant growth. This article explores the current situation and prospects for MNT.
Cryptocurrency Market Situation
The cryptocurrency market has seen considerable changes this week, including Ethereum (ETH) falling to **$4,150** from a recent high of **$4,780**, marking a 10% weekly decline. This weakness has impacted several major altcoins.
Double Bottom Pattern for Mantle
On the weekly chart, Mantle is forming a **double bottom pattern**, often seen as one of the strongest bullish reversal setups. The chart showcases two notable lows at nearly the same level, validating the structure. Mantle bounced robustly from support near **$0.55** and has reached **$1.39**. It is currently testing the neckline resistance between **$1.38** and **$1.41**.
Outlook for Mantle (MNT)
If Mantle breaks above this neckline resistance, it would confirm the double bottom pattern, opening the door for a rally towards **$2.27**, representing a potential 62% upside from the current price. In many cases, however, a breakout is followed by a retest of the neckline before momentum resumes upwards.
Amidst the decline of major cryptocurrencies, Mantle (MNT) demonstrates remarkable resilience and is forming a potentially significant pattern on the chart. The future developments will depend on breaking through key resistance levels.
