Mantle loses key long-term support as selling volume surges 44%
The cryptocurrency market experienced a significant downturn, with Bitcoin dropping 8.6% and Mantle (MNT) falling sharply by 21.6%. MNT's daily trading volume surged 44%, indicating strong selling pressure. The decline was influenced by macroeconomic news, specifically a rise in the PCE price index, which triggered a broader market sell-off.
Technically, Mantle lost a critical long-term support level at $0.55 on its weekly chart, confirming a bearish trend. Analysis suggests the price could drop further toward the $0.319 support level.
On shorter timeframes, the bearish structure remains intact. However, with the RSI deeply oversold, a price bounce is anticipated. Traders are advised to wait for a potential rebound to the $0.526-$0.556 range to consider selling opportunities.
ambcrypto06/27 03:32