UNIVERS OF SIGNALS| MNT: Deep Dive into Mantle's Market Dynamics👋 Welcome to UNIVERS OF SIGNALS !
In this analysis, I want to examine the coin MNT for you, which was requested in the comments. So, if you want a particular coin analyzed, feel free to mention it in the comments, and I will review and analyze it for you.
👀 Mantle project is one of the Ethereum Layer-2 projects, and its official coin is MNT. Like other Ethereum Layer-2s, its aim is to provide greater scalability, faster transactions, and lower fees. Let's proceed to technically analyze this coin.
📅 Weekly Timeframe
In the weekly timeframe, as you can see, there aren't many candles in the chart since the project is set for 2024, and it hasn’t been long since the coin was listed. As you can observe, the price is in a large range box from $0.5443 to $1.4049, hitting the bottom and top of this box several times in this timeframe.
📊 The market volume is ranging, and it seems that there hasn't been much difference in the inflows and outflows of money in this range box. The most critical trigger for buying spot right now is the breakout of $1.4049, which is the ATH resistance of this coin. If this resistance is broken, the price could move towards higher targets. If this resistance is breached, I will update the analysis for you and review the upcoming resistances and potential targets together.
✨ Besides these two important areas, there is also the $0.8946 area, which seems very important, and as you can see, the price has had many contacts with this area in the shadow in this timeframe. The main support, as mentioned, is at $0.5443, and if this area is broken, we could say that the trend of this coin will be bearish.
📉 The last support, which is also the main price floor and ATL, is $0.3197, which could be the first bearish target if this coin becomes bearish. Given the small number of weekly candles, I don't see any other specific data in this chart, so it's better to move on to the daily timeframe to see the market with more detail.
📅 Daily Timeframe
As you can see in the daily timeframe, we can examine the price movements with much more detail, and as you see, there was a box between the area of $0.5453 to $0.6533, where the ascending trend of this coin started after breaking the top of this area and continued up to the area of $1.3961.
🔍 After the price reached this area and completed its ascending leg, a new box was formed, with the bottom of this box at $0.9490 and the top, as mentioned, at $1.3961.
🔽 The price has tested the floor and ceiling of this box several times and is currently near the box's floor. Therefore, if the floor of the box breaks, we can expect further corrections, which might reach the 0.618 and 0.786 Fibonacci areas, where the 0.618 area corresponds to $0.7736, and the 0.786 area roughly overlaps with the $0.6533 support.
⚡️ In RSI, as you see, we have a very good area where the floor is 41.97, and the ceiling is 55.86. Breaking either of these areas could indicate the entry of momentum in that direction in the market.
💥 The market volume is decreasing after reaching the box's ceiling, indicating that a market movement is approaching. Therefore, you can enter a position if the ceiling or floor of the box breaks. I suggest you keep an eye on it to do so. An earlier trigger for a long would be 1.2341.
⏳ 4-Hour Timeframe
In this timeframe, I want to specify only the futures triggers for you because we have already performed the analysis in higher timeframes, and there is no need to repeat the same discussions.
🔑 For a short position, you can enter if 1.0062 breaks. I don't see a good area in RSI for a break and the entry of bearish momentum. However, the main short position, which would be if 0.9490 breaks, could overlap with a break of 30 in RSI.
📈For a long position, you can enter if 1.0685 breaks, but this position is very risky, and the main long positions would be if 1.2341 and 1.3961 break. A break of 55.86 in RSI could be a suitable confirmation for a risky long position and might overlap with the area of 1.0685.
💫 Market volume has decreased significantly in recent days. As I mentioned in the Bitcoin analyses, so be aware that, as I said, when the volume decreases and reaches its possible minimum, the market movement will be much easier, sharper, and faster.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
