The wider crypto -market trally has stalled, whereby total market capitalization is falling again today.
But one token is swimming against the current: mantle or mnt.
Mantle is building an Ethereum Treasury and Eth graphs tell their own interesting story.
The cryptocurrency market catches up after the exuberance of Monday, with the market as a completely sliding 1.38% to $ 3.7 trillion on Tuesday. The Cryptomarkt saw broad profit in the last 24 hours, led by Ethereum Layer-2-tokens that have made solid winning during the day. But today’s charts tell a different story while traders apparently hold a profit.
Yet there is at least one token that the trend backs: mantle, which is exchanged as MNT Coinbase And other scholarships have risen by 8% today and almost 25% in the past week. MNT is the native token of the Mantle network, formerly known as Bitdao, a Layer-2 Ethereum Scaling Network. But in addition to offering a platform for DefiMantle recently started styling as a ‘Web3 Ethereum Treasury’, with an ETH stock of $ 364 million per offers per entries Strategic ethrenerve.
Bullishness among investors who chases the crypto treasury trend may play in the recent price win of Mantle.
So what do the graphs have to say about it?
Mantle (MNT): Layer-2 momentum Tart Markt Deput
Mantle stands out as the present -day game like the top win in the top 100 coins per market capitalization, despite wider market weakness.
Trade at $ 0.9389, mnt today almost more than 8% has risen and 24% in the weekly candle charts.
Mantle (MNT) price data. Image: TradingView
The technical setup for Mantel is definitely Bullish. The average directional index, or ADX, confirms a strong trending environment at 33. ADX measures the trend strength, regardless of the direction of 0 to 100, and crossing well above 25 separates turbulent markets from trending.
For traders, this lecture suggests that the recent momentum is not only noise, but represents a real directional belief. When ADX measurements above 30 suffer, this often indicates a trend with permanent force.
The relative strength index, RSI, because Mantel is 69, which means that it is approaching but has not yet reached overbound territory above 70. RSI functions as a thermometer to gauge how hot a market could be. Historical data shows that many Altcoins RSI measurements between 65-75 can support for long-term periods during bull runs, which suggests that MNT can have more room to run before they need a breathing break.
The squeeze momentum indicator shows that markets are in a bullish momentum phase with a price compression period after a large peak. Given the position of MNT above the most important support levels and the bullish momentum values, the bias analysis requires other indicators to be accurate.
The price direction shows that traders try to change from momentum from bearish to bullish. The gap between the average long -term prices and the average prices in the short term is narrowing, which means that a hint to a possible gold cross in the near future. If this happens, traders can have another confirmation of a bullish momentum instead of a simple correction or a FOMO-driven short price peak.
What drives this outperformance? In addition to pure price action, the step of the project helps to settle as a “web3 Ethereum treasury” probably.
Mantle said last week in an X-post that it is now the largest ETH-Schat box under web3 entities-that means, blockchain-native projects in contrast to listed companies such as Sharplink or Bitmine, which lead the list under Ethereum treasuries as a whole.
What it comes down to is a signal for MNT investors that is in a certain sense supported by a seemingly less volatile assets in ETH.
Mantle is now mentioned on the Strategic ETH Reserve (Sξr).
As the largest treasury supported by ETH under web3 entities, this reflects our belief in Ethereum-Niet only as infrastructure, but as the monetary layer that drives decentralization and on-chain financing.
Also the list of MNT on Coinbase back in May coincided with an increase in interest in the coin. The “Coinbase effect” with regard to token lists is not nearly pronounced as in the past, but it is still something. After all, Coinbase remains the most popular crypto exchange in the United States.
The recent launch of URA neobank that runs entirely on the Mantle network and the first of its kind to help users in publishing, storing and investing Fiat and Crypto finances in one uniform account, represents a remarkable milestone. With beta tests that will be closed on 8 August, the market seems to be ready for a complete rollout.
Key levels:
Immediate support: $ 0.82 (Breakout level of resistance of several months)
Strong resistance: $ 1.30 (next major technical target)
Ethereum (ETH): a technical intersection
Of course Mantle would not be anything without Ethereum, which takes investors for a ride.
Ethereum is currently traded at $ 3,583.3 and shows signs of consolidation after recent volatility. The technical image reveals a market at a bending point, with indicators in the longer term those bullish and shorter indicators that become bearish.
Ethereum -Price data. Image: TradingView
The ADX of Ethereum is 39, who would interpret traders as a decided bullish. It says that the trend has room to keep track of the direction in the medium term. Everything above 40 in the ADX is a serious momentum. On 39, the trend strength of Ethereum is robust and traders interpret this as confirmation that the current movement has a strong momentum behind it. But it is also approaching levels where some consolidation can be appropriate.
Of course there will be ups and there will be downs, but if we zoom out, the overall direction of the movement is quite clear.
The RSI for ETH is at the age of 55 and places ETH in neutral territory. It suggests that traders are not as hyped when the trend strength suggests. RSI measurements above 70 signal -robbery conditions and lower than 30 indicate over sold -out levels. At the age of 55, this suggests that Ethereum has room to move in both directions without activating algorithmic trade setups.
This neutral reading in combination with a strong ADX can indicate that the market consumes profit instead of showing exhaustion and going to a new winter. We are not there – anyway.
The exponential advancing averages or EMAs also tell a bullish story for swing traders. The average ETH price in the last 200 days is far below the average price in the last 50 days. That is a bullish signal for most traders.
Moving averages Help traders help identify trend direction: when shorter averages (such as the 50-day) trade above a longer term (such as the 200 days), the persistent buying pressure on multiple timetables shows.
Especially significant is the squeeze momentum indicator that shows a “to” status. This indicator identifies periods in which the volatility compresses (the pinch) before explosive movements. When it is fired “on”, it indicates that an outbreak of consolidation is underway. In combination with the strong ADX lecture, this suggests that traders must prepare for increased volatility.
The coin also corrects after the decisive by the bullish channel that held up its profit, but under a certain check. This seems to be the first time that resistance has its new configuration test as a price support.
Key levels:
Immediate support: $ 3,400 (psychological level)
Strong support: $ 3,200 (EMA50 resistance zone)
Immediate resistance: $ 3,800 (recent rejection area and large Fibonacci level)
