Despite the top cryptocurrencies displaying a sideways trend, Layer-2 tokens have recorded significant price movements in their price, indicating a rising interest in investors for the ecosystem.
Mantle price has witnessed a positive move as it has gained over 8% in value, within the past day, making it one of the top gainers of the past 24 hours.
The MNT price traded in a narrow space between $0.3730 and $0.3836 for over two weeks, following which the price gained momentum at the start of November.
Mantle displayed a significant price action as the price broke out of the range and attempted to accumulate a huge gain but the rally was short-lived as the bears pulled back the price leaving a long wick in the chart.
Trading sideways for a period, the price regained momentum and recorded a jump of over 15%, following which the price was rejected at $0.4663.
After multiple failed attempts, the bulls regained power and recorded a jump of over 21% before finally being rejected at $0.5392. The price has been trading in a symmetric triangle since.
Will The MNT Price Continue To Rise?
The MACD displays a rising green histogram, indicating a massive ongoing price action for the coin. Further, the averages record a decline in its rise, suggesting the possibility of the coin witnessing a correction in the coming time.
If the bulls break out of the triangle pattern, the price will regain momentum and make a run to test its resistance level of $0.5392 soon. Further, if the market maintains the price at that level, it will set the stage for IMX price to attempt to test its upper resistance level of $0.560 by the coming week.
On the flip side, if the price fails to break out of the resistance level, the coin will lose momentum and start trading under a bearish influence. Moreover, if the bulls fail to hold the price, it will continue to dip and fall to test its crucial support level of $0.4663 in the coming month.
