The price of the Mantle token continues to strengthen, attracting trader attention due to significant institutional interest and staking demand.
MNT Price Analysis
Recently, MNT price broke above the 23.6% Fibonacci retracement at $1.23 and remains well-positioned above its 7-day SMA at $1.20. The RSI-7 reading of 71.9 indicates overbought conditions, while the MACD histogram at +0.032 reinforces bullish momentum.
Current Market Conditions
The cryptocurrency hit a 24-hour high of $1.33 before retreating slightly, with $1.40 now acting as strong resistance. A decisive close above $1.40 could open the door to a test of $1.60, the next major swing high. On the downside, a failure to hold $1.23 could prompt profit-taking toward $1.12, the 38.2% Fibonacci retracement level.
Frequently Asked Questions
What is the key resistance level for MNT now? $1.40 is the immediate resistance. A breakout above it could send MNT toward $1.60. What happens if MNT drops below $1.23? A close under $1.23 may trigger profit-taking and push the price down to $1.12 support. Why is staking impacting MNT price? Bybit’s staking pool reduces circulating supply and boosts long-term demand, which supports price gains.
Overall, the market structure remains positive as long as the $1.23 support zone is maintained. Traders will be watching whether inflows into Bybit's staking pool continue through its August 29 closing date.
