Mantle (MNT) Shows Signs of Recovery
Mantle (MNT) has bounced back from the $1.50 support level for the third time this month. This rebound may lead to a strong price rally. The rise is supported by more bullish positions in the Mantle derivatives market and steady trading on decentralized exchanges (DEXs). Selling pressure on MNT is easing as it reaches a key point in its price movement.
Growing Demand in Derivatives and On-Chain Activity
Mantle is one of the few tokens gaining value on Thursday. Traders are showing more interest, expecting prices to rise. Data from CoinGlass shows that MNT futures Open Interest (OI) rose by 5.85% in 24 hours to $185.80 million. Higher OI means more traders are opening new long positions or increasing leverage.
The funding rate for MNT futures has turned positive, moving from -0.0187% on Wednesday to 0.0092%. This means traders are willing to pay extra to hold bullish positions. Funding rates above 0.010% usually indicate strong bull market sentiment.
On the network side, Mantle’s DEX volume remains strong. DeFiLlama reports $732.48 million in DEX trading volume for October. This is the third month in a row with volume above $700 million, despite a drop from $1 billion in August. This steady demand supports the token’s recovery.
Technical Outlook and Resistance Levels
Mantle’s price rose over 5% on Thursday after three days of losses. The rebound from $1.50 is nearing a resistance trendline formed by October 9 and 21 highs. This creates a descending triangle pattern, which usually signals a possible price drop.
However, strong retail interest and steady network demand could push prices higher. A clear breakout above the 50-period Exponential Moving Average (EMA) at $1.76 would confirm this move. Further resistance lies at the 200-period EMA and Pivot Points at $1.80 and $1.87.
If MNT breaks these levels, it could rise 33% to the next resistance at $2.23. The Moving Average Convergence Divergence (MACD) indicator is close to a bullish crossover, signaling growing momentum. The Relative Strength Index (RSI) at 48 shows a bullish divergence, suggesting stronger short-term buying pressure.
On the downside, if MNT falls below $1.50, the price could drop to $1.13, negating the current bullish outlook.
