The positive sentiment surrounding Mantle [MNT] continues as it records another impressive 10% gain after surpassing the $0.5416 level within the last 24 hours.
Furthermore, the bullish breakout of MNT has bolstered its technical setup, with the price currently trading above the 20-day, 50-day, and 100-day EMAs on the daily chart. This indicates a bullish momentum in both the short-term and medium-term.
Trading above these Moving Averages could provide the token with a strong foundation to push further upwards from its current trading price.
Additionally, the increasing trade volumes, heightened whale activity, and bullish futures positions are contributing to the token’s rally towards its next resistance level at $0.5928. The recent 10% gain signifies positive buying pressure and positions the token to test its next resistance level.
Trading volume sees a significant surge
Analysis of the token’s on-chain metrics reveals a notable increase in market activity, aligning with the bullish price movement. The trading volume on the Mantle network has almost tripled to $47 million, indicating substantial market participation.
Historically, a rise in volume during a breakout provides strong confirmation of active buyer support. This trend could potentially propel MNT further, with the increased volume providing liquidity to challenge the resistance level at $0.5928.
Increased whale orders in the MNT market
Furthermore, the strengthening bullish setup is evident through the rise in large-holder activity. Data on Mantle’s Average Order Size indicates a growing presence of whale orders around the current trading price.
This surge in activity suggests that major market participants are becoming more involved as the token nears its next resistance level. Continued whale participation could help mitigate selling pressure around $0.5928.
Positive outlook in the Futures market
Derivatives data presents another bullish signal, with MNT bulls maintaining control in the futures trading domain based on the latest Futures Taker CVD data. This dominance suggests that traders remain optimistic about MNT’s potential for further gains.
With the increased spot activity, growing whale involvement, and bullish futures outlook, the likelihood of continued upward movement is high. However, an excessively long position may lead to liquidations if MNT fails to sustain its breakout.
Crypto Mantle MNTs price push rally