The Mantle Network’s native token MNT price has caused a new hype in the crypto market with a massive daily return of 22.65%, resulting in it rising to a high of $0.8685. According to price data from coinmarketcap, this rally is supported by a significant increase in trading volume, which rose to $378.473 million today.
With bulls regaining their dominance, the traders are now considering an important question, whether MNT crypto will move past a $1 barrier soon?
MNT Price Breaks Multi-month High
The latest rally has taken the MNT coin price over a key resistance at $0.7225 and it will now serve as support. The next technical line that Mantle crypto is looking at is at $0.91 which, upon breakout, may move the way to the psychological $1 mark.
In the past, the MNT token has been rejected several times in the range of $0.91 and $1. Moreover, the increasing trading volume, is an indication of the bullish action and a confirmation that investors are actively buying the token.
The Moving Average Convergence Divergence (MACD) indicator is now displaying a bullish cross over with the blue MACD line slowly moving towards the orange signal line, which means that a turnaround in the trend may be possible. Although the histogram is still in a minor bearish position, the expanding bars of green indicate the increase of bullish presence.
With a big bullish breakout, the MNT price is ready to reach the $1 mark. However, it will be crucial for it to remain above support levels to prevent any short-term corrections. Moreover, with a sustained bullish momentum, the possibility of the rally exceeding a dollar may not only be possible but imminent.
On the contrary, if MNT fails to manage to remain above the level of $0.8150, it might slip back towards the level of $0.7225. Intensified bearish action could result in it plunging toward its lower trend level of $0.64 within a short period of time.
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