Mantle MNT Rockets 16% as Bulls Take Control with $1.50 Target in Sight

• Mantle price is making bullish moves on the daily technical chart

• MNT price has surged by almost 16% in the last 24 hours, and the daily trading volume is up by almost 75% showcasing bullish dominance..

Mantle (MNT) is exhibiting a robust bullish trend on the daily chart, as the altcoin has broken major technical resistance levels and indicates a continued upward trend. As per CMC data, at present, with a price of $1.38, MNT has shot up about 16% over the past 24 hours, and its daily trading volume has soared 75%, which represents strong investor interest and institutional involvement.

The technical picture shows an attractive technical formation where MNT has managed to break above the two major exponential moving averages. The 50-day EMA of $1.079 and the 200-day EMA of $0.8828 are now serving as dynamic levels of support, with the recent price movement indicating a golden cross formation. This crossover tendency is usually an indication of the onset of a long-term upward trend and a transition between bearish and bullish market structures.

Technical indicators are also geared towards further upside momentum. The RSI value of 67.01 represents healthy bullish momentum without going into overbought status, and so there is potential to make further gains. The MACD indicator indicates positive divergence, which proves the strength of the existing uptrend. The histogram is widening in a positive direction, which shows a growing bullish trend.

What Next For Mantle Price?

Source: TradingView

The sentiment analysis of the MNT indicates that there is an enhanced investor confidence, and the social sentiment indicators depict a neutral to positive value. The threshold-based sentiment analysis shows some equilibrium conditions, indicating that the ongoing rally is backed by the real market interest and not speculative excess.

Price action-wise, MNT has built a solid base at the level of $0.66, and it has managed to regain the psychologically significant level of $1.00. The recent breakout beyond the resistance of $1.20 has cleared the way to greater targets. According to the current momentum and technical structure, the next major resistance point would be at $1.50, which is about 8.7% of the upward movement of the current levels.

The bullish outlook does not mean that risk management is not important. One of the support levels traders should watch is the 50-day EMA of $1.079, and a sustained decline below this level may indicate a temporary pullback. The positive technical indicators, the upturning sentiment, and the robust volume indicate that MNT is in a good position to further gain on the target of $1.50.

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