Key Points to Note
Reasons Behind the Decline in Mantle Prices
The recent market sell-off has intensified the downward movement of MNT, leading to a low of $1.18.
Future Trajectory of MNT
While the current trend is bearish, there might be a short-term price increase towards the $1.4 supply zone before another downward push.
Mantle [MNT] has experienced a 5.11% drop in the last 24 hours, with a significant increase in daily trading volume indicating heavy selling pressure.
The decline in Bitcoin [BTC] prices on November 2nd also contributed to the decrease in MNT value.
During this period, the cryptocurrency market lost $100 billion in market capitalization, leading to the liquidation of $1.14 billion worth of positions within 24 hours. The prevailing negative sentiment and downward trend suggest that MNT may face further losses in the near future.
Fear and Selling Pressure Drive MNT Prices Towards $1
Source: MNT/USDT on TradingView
In October, Mantle bulls successfully defended the $1.58 support level until the final week of the month. However, a rejection in Bitcoin’s price and a subsequent drop below $1.58 led MNT to a low of $1.18.
Technical indicators suggest that bears are dominating the MNT market, with intense selling pressure reflected in the CMF indicator dropping below -0.05.
The Directional Movement Index shows a bearish trend on the 1-day timeframe, with the -DI (red) above 20 and the ADX (yellow) trending upwards.
Short-term market sentiment has turned bearish, with a decline in Open Interest signaling weakening confidence among speculators.
The drop in OI, along with long liquidations, has added downward pressure on MNT, despite a possible rebound to $1.4 in the near term.
Overall, the trend remains bearish, with caution advised in trading decisions.
Disclaimer: The information provided is the writer’s opinion and should not be considered financial or investment advice.
