Lower timeframe charts showed that the $1.7 zone could lead to MNT dipping towards $1.56.
Key Takeaways
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Does Mantle have enough momentum?
On the daily chart, it seemed bullish, despite it weakening over the week. On the 1-hour chart, it flipped bullishly recently.
Can Mantle set new highs soon?
The $1.69-$1.73 supply zone and the $1.86 range high must be overhauled for the next uptrend.
Mantle [MNT] set a new all-time high of $1.91 on Tuesday, 23 September. At the time of writing, it seemed to have a strongly bullish outlook for the coming weeks, with the price prediction being a move to $2.34, $2.64, and possibly even the $3-mark.
However, with Bitcoin [BTC] facing a correction and market-wide sentiment cautious due to this week’s price action, MNT will likely remain rangebound in the short term.
Source: MNT/USDT on TradingView
On the 1-day chart, the trend has been firmly bullish since August. After Mantle broke above the $0.84-resistance that had been in place since March, the strength of the buyers was established. The OBV also signaled a shift towards greater buying pressure, with the same beginning to trend higher in July.
The 20 and 50-day moving averages reflected steady bullish momentum. They also served as dynamic support levels. At the time of writing, MNT was bouncing higher from the 20-SMA at $1.6.
The Awesome Oscillator registered red bars on its histogram to reflect weak bullish momentum over the past week. During this time, MNT bulls ran into resistance at the $1.8-zone.
Bitcoin’s correction, which is still ongoing, has dented market sentiment in the short term though. The Fibonacci retracement levels showed that the $1.47, $1.377, and $1.245-levels would be key support levels in case of a price drop for MNT.
However, such a deep correction is not expected right now. A move past $1.8 is more likely. That should take Mantle’s price to $2.04 and $2.34.
Short-term MNT price prediction
Source: MNT/USDT on TradingView
Since the second week of September, MNT has traded within a range (cyan) that extended from $1.52 to $1.86. The mid-range resistance at $1.69 opposed further gains in the short-term.
The 1-hour chart highlighted the supply zone from $1.69-$1.73. MNT fell below this zone on Thursday, 25 September. And, it has not been able to climb back above since.
Finally, the Awesome Oscillator highlighted a bullish momentum shift with a crossover above the zero line. However, the OBV remained subdued compared to the start of the week. This suggested that buying pressure was not yet dominant in the lower timeframes.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Next: Bitcoin hits 3-week low – Analyzing factors behind BTC’s fall
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