“The Mantle Price Increase”
The price of Mantle has surged by 6.2% in the previous day, as of now currently worth $0.504. This sudden increase can be attributed to the recent partnership between Mantle and Ondo Finance. USDY, a new token backed by tangible assets, was launched following the collaboration between Mantle and Ondo Finance. The token is an Ethereum (ETH) ERC-20 token and is available for trading on Mantle’s decentralized exchanges, such as Agni Finance and FusionX Finance. This introduction of a yield-generating token to the Mantle Network is an important development, building on the creation of a bridge from Ethereum’s Layer 1 to Mantle’s Layer 2, in particular for USDY transactions.
“Mantle Price Trades Head And Shoulders Pattern”
The Mantle price is displaying a head and shoulders pattern, signifying a positive trend trend. The volume of trading has surged by 33% in the previous day, reaching $141 Million, contributing to a market capitalization of $1.55 billion. The price has reached its highest point of $0.600249 on July 20, 2023, while the cycle low was $0.307707. The bulls have gained control of the price, forming an inverted head and shoulders pattern and surging past the $0.42 resistance zone. The price is as of now experiencing a resurgence, with the 50-day simple moving average providing critical support.
The relative strength index (RSI) is in a positive trend trend, with the recent price jump pushing it back into the overbought region, suggesting intense buying pressure. The outlook for the MNT price is optimistic, with RSI and SMA indicators supporting a positive trend perspective. Nonetheless, there is a likelihood of a double-top pattern at the $0.60 resistance level, which might drive the price down. A break below the $0.48 level of support could prompt a retreat to the $0.42 zone.
It’s optimistic that the Mantle price will reach $0.60 in the coming weeks, with positive trend indicators supporting this perspective. Nonetheless, it’s critical to be mindful of probable resistance and support levels, as well as market fluctuations.
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Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.