Mantle Network (MNT) is a layer-2 blockchain on the Ethereum network. It is the first core product of Mantle Ecosystem that offers a technology stack for scaling Ethereum. The network’s focus is to be compatible with the Ethereum Virtual machine. The modular architecture of the Mantle L2 separates transaction execution, data availability, and transaction finality into modules in the Ethereum blockchain. MNT token price has begun its positive journey from $0.3167 in October 2023. Subsequently, the price provided positive outcomes for two consecutive months, reflecting almost 72% returns. However, some profit bookings can be seen in January 2024. That resulted in a drawback of 9.07% in January 2024; afterward, the crypto price experienced a massive rise of 53.17% in February and over 46% in March 2024. The positive returns completely changed the market sentiments into a bullish scenery. The maximum supply of the Token is capped at 6.21 billion, which has an estimated full diluted valuation of $7.85 billion. The project focused on keeping
cryptocurrency transparent to the community and developers. 3.23 billion MNT tokens are circulating in the market, which hardly holds a market capitalization of $4.09 billion. The social buzz of the Mantle token rose above 1.05% after February 22, resulting in a positive sentiment change. Afterward, the volume and price also witnessed a rise. The price shows a continuous upsurge while the volume is facing some drawbacks. The token price has been above the key exponential moving averages since November 2023. The multiple rebounds on the 50-day EMA have been observed in the price, making the EMA a dynamic slope. MNT token price has shown a noticeable change from the $0.7944 bullish point of interest (POI). The price surged almost 38% to the $1.1030 resistance and made a retracement on the $0.7944 POI. Recently, an impulsive bullish rally can be seen from that level, resulting in an over 80% upsurge. The price is trading at $1.2757 and is looking for a correction. The price may continue a bullish rally above $1.4917 if it gets a bullish reaction from the $1.0348 POI. Conversely, a short-term fall can be expected if the price slips below $1.0348. The relative strength index (RSI) shows a weak internal bearish divergence in the momentum. The RSI is moving at 66.17 toward the 70-mark upper band. Since October 2023, the Mantle has been delivering positive returns. The cryptocurrency returned over 200% in the last six months and 33.72% in a month. At press time, the MNT price is trading at $1.2757 and is looking for a correction. The price may continue a bullish rally above $1.4917 if it gets a bullish reaction from the $1.0348 POI. Conversely, a short-term fall can be expected if the price slips below $1.0348. The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.