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Mantle (MNT) Price Surges 13% Amid Growing Demand

Mantle (MNT), the native token of Mantle Network, has seen a remarkable 13% surge in the past 24 hours. This surge has made it the top-performing crypto among the top 100 by market capitalization. Strengthening demand and rising investor confidence suggest that the bullish momentum may continue.

Rising Demand for Mantle (MNT)

According to on-chain data from Santiment, MNT’s Price Daily Active Addresses (DAA) Divergence metric has reached 54.67%, signaling strong demand. This metric highlights increased user activity, which could further drive MNT’s price upwards.

MNT Price DAA Divergence. Source: Santiment

Additionally, MNT’s Network Realized Profit/Loss (NPL) stands at -131,000, indicating fewer profit-taking actions. The NPL metric measures the profit or loss realized when tokens are sold compared to their purchase price. A negative NPL suggests that most holders are selling at a loss, which may reduce sell-offs and support the ongoing rally.

Technical Analysis: Bullish Signals for MNT

A review of the MNT/USD one-day chart shows that the token’s recent surge has pushed it above the 20-day exponential moving average (EMA). The 20-day EMA tracks the average price over the last 20 trading days and provides a short-term trend outlook. When the price moves above this level, it is seen as a bullish signal, indicating a potential uptrend.

MNT NPL. Source: Santiment

If the upward momentum continues, MNT could break the resistance level at $1.29 and aim for its all-time high of $1.51, last reached in April.

What’s Next for MNT?

Despite the current bullish outlook, a rise in selling pressure could reverse the trend. If sellers dominate, MNT’s price may decline to $1.11, invalidating the bullish trend.

Conclusion

Mantle (MNT) has shown strong performance driven by increasing demand and positive market sentiment. While indicators suggest further growth, investors should remain cautious of potential sell-offs that could impact the token’s price trajectory.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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