Mantle has not performed well in 2024. While it initially increased, reaching a new all-time high of $1.511 in April, it has fallen by 60%. The price has been down 10% since the start of the year.
MNT trades inside a long-term horizontal support area, a breakdown from which can lead to a quick plunge toward the all-time low. Let’s look at the MNT price action in different time frames and see how likely this is.
Positive Mantle news has been abundant since last week.
Firstly, Mantle announced that it will deploy Agora’s U.S. dollar stablecoin AUSD on the Mantle network. This is the first Ethereum Layer-2 to do this. AUSD will power numerous applications in the Matnel ecosystem. It will initially be available on Mantle’s largest decentralized exchange, Merchant Moe.
The token generation event (TGE) for COOK is tomorrow, Oct. 29. COOK is the governance token of mETH, one of the largest liquid staking platforms in Ethereum.
60% of the allocation will go to the community, 30% to the treasury, and 10% to the core contributors.
Season 2 of Methamorphosis will begin the next day, on Oct. 30. It will last 110 days and allow users to accrue rewards that will eventually be converted to COOK.
Finally, Mantle partnered with OKX to launch the Mantle Telegram Adventure. The adventure will continue until Nov. 7 and has a prize pool of 100,000 MNT, which can be unlocked by playing Telegram minigames.
Despite this slew of positive Mantle news, the MNT price risks breaking down from a long-term horizontal level.
Will MNT Break Down?
The weekly time frame MNT price chart shows a 61% decline since the all-time high of $1.51 in April. The downward movement led to a low of $0.476 on Aug. 5.
While MNT bounced afterward (white icon), saving the $0.550 horizontal support area, it has returned to it once more and risks a breakdown. If one occurs, the next horizontal support will be at an all-time low of $0.340.
Technical indicators do not suggest a bullish trend reversal. The Relative Strength Index (RSI) is below 50 and falling, while the Moving Average Convergence/Divergence is negative and falling.
Even though Mantle news has been positive in the last week, the MNT price action is not.
The weekly and daily time frame readings suggest that a breakdown from the $0.55 horizontal support area is likely, taking the price down to $0.340.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
