Mantle Price Soars 25% as Stablecoin Activity Surges Past $650M

Mantle Price Surges as Stablecoin Inflows Boost Market Momentum

Mantle Price has seen a remarkable 55% jump over the past month, breaking a key resistance level of $0.87. This has been combined with a surging increase in the use of stablecoins across the entire crypto market, creating interest in investors. Its 24-hour trading volume has shot up to an incredible 369% as it flipped a massive $645.72 million in the last session.

The market capitalization of Mantle has also risen considerably, currently reaching the level of 2.95billion following the registered growth of 15.42%.

Mantle Network Sees Surge in Activity

Stablecoin market capitalization on MNT price increased by 22.85% last week as capital is quickly flooding the Mantle Network. This has now totaled impressive figure of $653.51 million representing, an upsurge in investor interest and action.

Altcoin got a significant development of being added to the Strategic ETH Reserve. The network currently has a hugely impressive 101,867 ETH in its wallets valued at an approximate total of 388 million dollars. The introduction is a major step in an expanding ecosystem.

Moreover, MNT native token, MNT, has gained a sudden bullish momentum. The token rose by almost 25% in value within a single day, which is the indicator of an increased momentum and demand.

The recent boom has been after widespread adoption and liquidity within network. There is also a bullish sentiment in the market charts and the level of trade activity and the inflow of funds is increasing.

Mantle Price Eyes Breakout, Targets Major Rally

The Crypto analyst Crypto Patel has a positive view on the MNT price and reported a possible breakout situation. Mantle is in the process of hitting a significant resistance of $0.82. Once this level is broken, the analyst proposes that the price may skyrocket, as the result may be five to ten times higher than the present one.

The study indicates that it has strong technical support ranging between $0.50 to $0.55 with its best accumulation zone at 0.60 to 0.70 and analyst outlines a few possible bull run targets of  $1.42, $3, and $5. Such targets point to a wider optimism on the asset recently, which can be backed up by the long-term structural trend and activity in the market.

Mantle Price Eyes $1 as Bulls Charge

As of writing, MNT is trading at a price of around 0.8774 with some bullish pressure expected to continue.

The MNT price has shown significant signs of a renewed buying power by shooting up form the $0.80 support line in a couple of sessions.

There is an upward trend observed in MACD histogram and the MACD line is above the signal line. This crossover is usually satisfying the bullish mood of traders. The RSI stands at 70.65, and means that MNT is at the verge of the overbought territory.

Source: Tradingview

The most significant resistance can be found at the level of $0.90 and $1.00, and the most considerable support is at the level of $0.80. Any sustained move above the $0.90 mark would leave the psychological $1.00 open to a retest. Nonetheless, in case of continued rejection around the $0.90 level, a retreat to around $0.80 can be anticipated.