The price of the cryptocurrency Mantle (MNT) showed a significant rise, increasing by 16.06% in the last 24 hours and exceeding the $1.30 mark. This occurred amidst a general drop in risk appetite in the market.
Reasons for Mantle's Price Surge
The MNT market began to see gains on August 14, when Bybit EU announced the launch of its first launchpool featuring MNT. Users were provided with the opportunity to invest in MNT, XION, and USDC to participate in a 100,000 XION reward pool. This launch was Bybit's first MiCA-compliant staking solution for the European market, enhancing buyer interest in MNT.
Impact of New Announcements on Mantle's Market
Enthusiasm continued into August 16 following further announcements by Mantle and Bybit, introducing two new functionalities. Firstly, the 'Double Win' structured product launched on Bybit Earn, designed to yield returns amid bidirectional volatility for MNT holders. Secondly, collaboration with Crypto Content Creator Campus enabled content creators to obtain event tickets and access tools using MNT.
Future Price Prospects for MNT
Coinglass data showed that upon reaching the $1.30 level, over $5 million in short positions were gathered between $1.31 and $1.40, making up 93% of short commitments over the past week. Long positions outnumber short ones, totaling $16 million, indicating a more bullish sentiment. If sellers fail to defend their positions and a short squeeze occurs, prices could soar toward $1.40 and beyond.
Thus, the price increase of Mantle is driven by both the introduction of new products and opportunities as well as positive sentiment among investors. In the coming days, key levels for MNT will be $1.30 and $1.35.
