After closing the first week of this month bearish, MNT remained calm throughout last week due to low volatility and turned positive following a 10% surge since yesterday. It currently looks poise for an increase.
MNT started this year rough after testing the $1.419 level, although it has managed to stay within a buying range despite flash crashing earlier this month. Its bullish trajectory remains intact as it forms a new double-bottom pattern on the daily timeframe – is now surging on the day.
This surge came after witnessing a little-to-no movement, which led to an indecisiveness throughout last week. A surge above the monthly high would bring a complete bullish pattern, and at the same time confirm a new buying phase on the daily chart. The demand is currently rising!
A drop under the $1 level could invalidate the latest bullish signal. If that happens, the price may roll back to the monthly low with a potential breakdown. The continuous decline in the daily volume indicator is another thing to consider for a possible bearish return.
Technically, the bulls are still in control on the mid-term. A push above the yearly high should set the price up for a major rally to a new high.
MNT’s Key Levels To Watch
Source: Tradingview
While showing signs of strength today, the potential level to watch for an increase is $1.2. If the price climbs back above the $1.42 resistance, the closest level to watch for a breakup is $1.6 before rallying to $2.
The important $1 level is still holding well as support. A drop below this important level could cause a roll back to the $0.923 and $0.8 supports with a potential breakdown.
Key Resistance Levels: $1.2, $1.42, $1.6
Key Support Levels: $1, $0.923, $0.8
- Spot Price: $1
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: maximusnd/123RF // Image Effects by Colorcinch
