Despite the fact that Mantle announces important ecosystem updates, the MNT -Token remains in a Bearish -Trend -although it has established a new, large level of support that it has been set in recent weeks.
On March 2, Mantle (MNT) a letter released For MNT holders, who outline the plans of the project for the first quarter of this year. The most important highlights include the upcoming launch of Mantle Banking, a Unified Fiat-Crypto Neobank and Mantle Index Four (MI4), a tokenized, institutional degree Crypto Fund.
Moreover, the letter sketched the most important performance as the project goes to Q2. In particular, Mantle Eigenenda has integrated on MAINNET to improve the availability of data, attracted more than 27k CMeth in its fixed return and the modular architecture of Mantle Network protected with 162.9k meth. FBTC surpassed $ 1.2 billion in total value and extensively over several EVM chains. The project has also taken steps to become the largest ZK rollup that offers institutional quality security, with op-success development now live on TestNet.
Despite these developments, MNT has been in a clear trend since 3 February, when the price consistently started to make lower lows and lower highlights. Around that time, the price also started to act under both the 20-day exponential advancing average and the 50-day simple on average. However, it broke above the 20-day EMA for about two weeks in March, while still trading below 50-day SMA. On March 30, MNT fell back under the 20-day EMA ($ 0.79) where it continues to float, currently acting at $ 0.74.
The relative strength index is at 38.60, trending down but not yet in sold -off territory, which means that there is room for more disadvantage. The MACD indicator remains Bearish, with both the MACD line and the signal line below zero. In general, the Beerarish pressure is dominated for the time being.
On the other hand, the price has had an important horizontal support zone at around $ 0.72 since mid -March. The first major resistance is at $ 0.80, in line with the 20-day EMA. A stronger resistance level is at $ 1.00, with the price consolidated in February before the downward trend is resumed.
A movement above $ 0.80 would be the first sign of potential recovery, but for a chance of trend removal, MNT should break above $ 1.00 with a strong volume and hold.
