Mantle Coin Overcomes Whale Sell-Offs

21 days ago

You can also read this news on COINTURK NEWS: Mantle Coin Overcomes Whale Sell-Offs

Cryptocurrency whales’ sudden sales or purchases can have significant outcomes, especially for altcoins with low market value. Therefore, data such as key unlocks and whale activity are closely monitored by altcoin investors. A lesser-known altcoin was recently shaken by whale sales, but the downturn may now be over.

Mantle (MNT)

Last week, the price of Mantle (MNT) Coin reached a peak of $1.31. However, this week it returned to $1.22. Altcoins with relatively low market values can offer significant opportunities during periods of increased volatility. MNT Coin is one such candidate as it successfully maintains above the 50-day EMA.

The main reason for the decline was the contraction in supplies outside of exchanges. Following the price reaching the ATH level, a whale sale of 30 million MNT began. Large investors naturally put their profitable assets up for sale, cutting off higher peaks with a $36 million selling pressure.

The current outlook shows that 87% of investors are now in the cost zone, and 12% remain profitable. As we have not seen larger losses, investors may continue to be eager, suggesting the downturn could be over.

MNT Coin Price Prediction

With the selling tendency among investors weakening and the massive supply of sales being met, the support at $1.07 is expected to hold. The 50-day EMA is a significant support level and also forms the basis for a bullish scenario.

In the short term, if investors do not succumb to a selling appetite with a potential BTC drop, a retest of the ATH at $1.31 could be seen. The ATH level has now turned into resistance, so the consolidation phase continues. BTC has not yet reduced its losses below $64,550, but the latest ETF data does not seem very supportive for the market tomorrow either, as volumes are low again.

But what if the negative scenario unfolds and the MNT Coin price falls below the $1.07 support? In that case, we will likely see the price drop to $0.94. Also, closures below $1 could push those expecting a rise to sell. Of course, no one can see the future, and crypto is full of extra surprises compared to other markets.

The post first appeared on COINTURK NEWS: Mantle Coin Overcomes Whale Sell-Offs
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