Mantle [MNT] is carrying on its positive sentiment by making yet another 10% gain following a breach of the $0.5416 level in the past 24 hours as of writing.
Moreover, the bullish breakout of MNT is helping in strengthening its technical setup, as the price is currently trading above the 20-day, 50-day, and 100-day EMAs on the daily chart. This means that both short-term and medium-term momentum is bullish.
Trading above the above-mentioned Moving Averages might help the token to build the base to push higher from the current trading price.
In addition to this, the growing trade volumes and high whale activity, along with bullish futures positions, are also providing a boost to the token’s rally towards its next level of resistance at $0.5928. Moreover, the recent 10% gain has confirmed positive buying pressure and put the token in a position to test its next resistance.
Trading volume nearly triples
Looking into the token’s on-chain metrics, the network’s market activity is also surging alongside the bullish price action. The trading volume across the Mantle network has almost tripled to $47 million, which shows the significant market participation.
Drawing on similar scenarios, rising volume during a breakout provided stronger confirmation that buyers are actively supporting the move. The same turn of events could be developing for MNT. With the higher volume, the token could gain sufficient liquidity to test the resistance level of $0.5928.
MNT whale orders increase
That’s not all; large-holder activity is also strengthening the bullish setup. Mantle’s Average Order Size data indicate an increased presence of whale orders around its current trading price.
The activity suggests that larger market participants are becoming more active as the token approaches its next resistance. If the same trajectory persists, whale participation could help absorb selling pressure around $0.5928.
Buyers dominate Futures market
Derivatives positioning also adds another bullish signal. Based on the latest Futures Taker CVD data, MNT bulls continue to dominate the futures trading scene, which implies that traders are still bullish on MNT and expecting further gains.
With increased spot activity and whale buys, it is likely to see further gains in the future. That said, an overextended long position may bring about some liquidations if MNT cannot retain its breakout.
Can MNT reach $0.5928?
MNT’s breakout above $0.5416, 10% daily gain, and surging trading volume have strengthened its bullish setup.
With the price above the key EMAs, whale activity increasing, and futures buyers maintaining control, $0.5928 now stands out as the next major target.
Should the buyers be able to maintain their gains and defend $0.5416 as support, MNT will have another go at $0.5928. Failure at the breakout area could see MNT pull back to its EMAs.
Final Summary
- MNT surges 10% after breaking $0.5416 as trading volume nearly triples to $47 million.
- Whale activity and bullish futures positioning strengthen the case for a move toward $0.5928.
