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MNT, Mantle Network’s main cryptocurrency, Layer-2 technology to expand the Ethereum network, has increased 13% in the last 24 hours. This made MNT the largest winner in the market during that period, far exceeding the top 100 cryptocurrencies according to the market capitalization.
Increasing demand and increased investor confidence show that the price increase may continue in the short term. This is how that happens.
MNT demand increased sharply
According to Santiment, the Daa (Divergence of Active Addresses) is showing an increase in the demand for this Altcoin. Currently, this index is 54.67%.
This is a powerful purchase signal, because this difference shows that user activity on Mantle is increasing. This can continue to promote demand for MNT and strengthen the price increase.
In addition, the actual profit/loss index of the MNT network (NPL) is below 0 at -131K, this shows that profitability activities decrease among market participants.
The NPL index measures the total profit or actual losses of all tokens or coins that have changed the owner on a certain day, comparing their selling price to the purchase price. A negative NPL like this shows that the average asset has been sold for losses.
This can prevent the sale of MNT in the short term because it reflects a loss for the sellers below their buying price. Therefore, with less tokens sold more losses, the pressure of decline in the market decreases, strengthening the current price increase.
Predicting MNT price: The rising momentum can continue?
Analysis of MNT/USD chart in a day shows a two -digit increase that has pushed MNT price above the average of 20 -day exponential dynamic (EMA).
The average 20 -day EMA index of a property in the last 20 days of trading, evaluating recent prices to determine the short -term trend.
When the price of a property increases above the dynamic average, it is considered a price increase signal, showing that the price is tending to go up and can continue to increase as the market psychology improves.
If MNT’s price rise continues, its price can exceed the resistance level at US $ 1.29 and reach the peak of all ages of US $ 1.51, finally achieved in April.
On the contrary, if the selling pressure increases, this price increase will be disabled. In that scenario, the price of MNT may drop to 1.11 USD.
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