MNT’s price rose slightly by 5% after market forecasting platform InsightX announced that it had surpassed $500 million in total net worth within a month. Fish? The rally went straight to the resistance of the 20-day EMA, and the major bearish trend still seems alive.
The event itself is hard to ignore. InsightX reported that network traffic to be prepared and working entirely on the Mantle ecosystem, the prediction markets settle in seconds at almost zero cost. More users, more liquidity, and more information being traded for prices sounds like the kind of topic crypto likes to celebrate.
Volume Increases But MNT Price Hesitates
However the MNT price acted as a trader looking for a positive earnings report and looking for an imminent exit.
Even with the completion of the creation, the sign would still be blocked from bleeding. The $0.401 level has been a stable base in July, but today’s retracement failed to break the 20-day EMA. This leaves the support sector under pressure rather than fully guaranteed.
The $0.401 Level Holds the Key
Meanwhile, $0.401 is still what traders are watching. If this area is broken, the next important area will be around $0.310, an area that has attracted the attention of buyers since the end of 2023. A return to that area can create a long-term accumulation of strength, but it will also confirm that the new return has not changed much.
What Can It Change?
The bullish case is not dead. I just want proof. If The price of shares MNT it can protect $0.401 and retrace the 20-day EMA and 50-day EMA, the technical picture is getting better. In this case, the next target is opened near $0.686, with the possibility of recovery if the interest rate returns.
Until then, the market is offering a well-known crypto lesson: half a billion dollars in on-chain transactions is impressive, but the price still needs confirmation before celebrating.
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