Mantle Price Rises Above $1.80 for Third Day
Mantle (MNT) price has risen for the third day in a row. On Wednesday, it traded above $1.80. This increase follows the launch of a VIP holder program and trading fee discounts on Bybit. These updates have boosted interest in MNT derivatives. Technical signs suggest the price may continue to rise and reach a new high.
Bybit Integrations Boost Trader Confidence
Mantle announced two new features on Bybit on Tuesday. MNT holders now get a 25% discount on spot trading and a 10% discount on derivatives trading. Also, MNT tokens count as 1.5 times their value for VIP status on Bybit. VIP status offers benefits like lower fees and higher deposit limits.
Data from CoinGlass shows MNT Open Interest (OI) rose by 4.97% in 24 hours. It now stands at $267 million. This shows more traders are entering MNT derivatives. The OI-weighted funding rate is stable at 0.0099%, meaning bulls are paying to keep their positions. The long-to-short ratio is 1.1418, indicating more long positions than short.
Mantle Nears New Price High
Mantle’s price gained over 4% on Wednesday, passing the $1.80 resistance level. If it closes above $1.80, the price could rise to the next resistance at $2.21. This would be a new record high.
Technical indicators support this bullish trend. The MACD is moving upward, showing stronger buying momentum. The RSI is at 67, close to the overbought level, which means buying pressure is strong but still has room to grow.
If the price falls below $1.80, it may test support at $1.48.
