The instability caused by cryptocurrency whales making sudden transactions can greatly impact lesser-known altcoins like Mantle Coin. These coins are closely watched by investors, especially when whales begin to sell off large amounts. Recently, Mantle Coin experienced a dip in price due to a significant whale sell-off, but it seems like the worst may be over.
Mantle (MNT)
Last week, Mantle Coin reached a high of $1.31 before dropping back to $1.22 this week. Despite the volatility, coins like MNT present lucrative opportunities during such times, particularly when they manage to stay above the 50-day EMA.
The recent price drop was primarily caused by a reduction in supply outside of exchanges. A whale sold 30 million MNT following the all-time high, putting significant selling pressure amounting to $36 million.
The current situation shows that 87% of investors are at a break-even point, while 12% are still profitable. With no major losses observed, investors may remain optimistic, indicating that the downward trend might be coming to an end.
MNT Coin Price Outlook
As investor selling pressure eases and the market absorbs the massive sales supply, the $1.07 support level is expected to hold. Furthermore, the 50-day EMA acts as a critical support level, setting the stage for a bullish scenario.
In the short term, if investors manage to resist selling pressure amidst a potential BTC decline, there could be an attempt to retest the all-time high at $1.31. However, the ATH has now become a resistance level, prolonging the consolidation phase.
In a negative scenario where the Mantle Coin price drops below the $1.07 support, a further decline to $0.94 is anticipated. Any closures below $1 might trigger selling among those looking for a price increase. The unpredictable nature of the crypto market makes it full of surprises, unlike traditional markets.
Comments