Mantle (MNT) has been at odds with the inactive performance of the broader market over the past week, and has stood out as one of the best performance tokens.
Many altcoins struggled to hold the ground, but MNT has climbed an impressive 35% over the past seven days. There is a trend within the ascending parallel pattern in the daily time frame, suggesting that more upsides may be ahead.
MNT price action will be enhanced
The MNT/USD Daily Chart measurements indicate token trends within the rising parallel channel. This is a bullish pattern formed when the asset’s price action moves between two upward slope parallel lines, creating a consistently higher and higher lower value.
About Token TA and Market Updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s daily crypto newsletter.
This pattern reflects a steady upward trend market, with each dip being filled with new purchasing pressures. MNT’s fast-growing Chaikin Money Flow (CMF) supports rising buy-side pressure.
At the time of writing, this momentum metric tracking how assets enter and exit assets is heading upwards at 0.08. Positive CMF reads indicate strong purchase pressure, indicating that investors continue to pour capital into MNT.
Additionally, MNT’s Super Trend Indicator, which currently forms dynamic support for under price at $0.99, confirms this bullish setup.
This metric helps traders identify market orientation by placing lines above or below the price chart based on the volatility of the asset.
If the asset price falls below the super trend line, it shows a bearish trend, indicating that the market is on a downtrend and sales pressure is dominant. Conversely, like MNT, when the price is above this indicator, there is a strong upward momentum and is controlled by the buyer.
MNT Traders Brace for the Next Big Move
At press time, MNT trades for $1.37, outperforming support at $1.26. If accumulation continues, MNT could ramp up to $1.51, the last high it reached in April 2024.
On the other hand, if purchases drop, MNT’s price could fall below support at $1.26, potentially dropping to $1.11.
Postmantle won 35% as it first appeared on Beincrypto as it targeted its price at a 16-month peak.
