The Mantle (MNT) price has increased without much retracement since October 2023, reaching a new all-time high price today.
Does MNT have enough strength to reach $1 finally? Let’s find out!
MNT Reaches New All-Time High
The MNT price has been on an upward movement since October 18, 2023. The increase caused a breakout from the previous all-time high region of $0.53 in December.
Then, after some consolidation, MNT began another upward movement on December 18. After creating a higher low on January 8, 2024, the altcoin accelerated its rate of increase, reaching a new all-time high price of $0.80 today.
The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite. The daily RSI is increasing and above 50. Also, it broke out from its bearish divergence trend line (green), which is all a bullish sign.
Read More: What Is Mantle Network?
What Are Analysts Saying?
Cryptocurrency traders and analysts on X are bullish on the future MNT trend.
Defi Maestro is bullish because of the increasing number of daily transactions. Currently, MNT has more than 800,000 daily transactions, lagging behind Arbitrum but nearly twice as much as Optimism.
KashKysh believes that a rotation toward the Ethereum ecosystem is underway. Hence, layer-2 solutions like Arbitrum and Mantle will enjoy success. Finally, Lisa Edwards noted the new all-time high reached today.
MNT Price Prediction: Is $1 Reachable?
The technical analysis from the six-hour time frame suggests the MNT price will continue increasing parabolically. This is because of the wave count.
Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend.
The most likely count suggests that MNT is in wave three of a five-wave increase. The defining trait of this count is the running flat correction (black) that completed wave two. Such corrections are a sign of strength and often lead to significant upward movements.
Giving waves one and three a 1:1 ratio can lead to a high of $0.93, an increase of 17% from the current price.
However, since wave three often extends, it can reach the 1.61 length of wave one at $1.14. This will be an increase of 44% from the current MNT price.
Despite this bullish MNT price prediction, falling below the wave two low of $0.58 (red) will invalidate the count. Then, MNT can fall by 40% to the next closest support at $0.45.
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