Mantle Network (MNTUSD) Jumps Sharply After a Massive Sell-off

Any daily close above $1.55 confirms further bullishness.

Mantle Network is a Layer-2 scalability solution. It has been built on top of Ethereum as a technology stack for scaling it. Mantle Network ismodular in architecture, combining an optimistic roll-up protocol with an innovative data availability solution.

While consensus and settlement take place on Layer-1 Ethereum, the sequencer produces blocks on L2. The validator nodes collect transactions from users and commit them to Ethereum in the form of a "compressed block" which reduces the gas fees and increases throughput.

EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the reuse of ETH on the consensus layer.

After a massive sell-off, MNTUSD has jumped sharply. Any daily close above $1.55 confirms further bullishness.

After bottoming out at $0.58 on December 21, MNTUSD prices are trading higher for the past two weeks and have surged more than 45%. It hit a high of $0.865 and is currently trading around $0.855. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $1.10, any indicative breach above will take the pair to $1.25/$1.530. On the lower side, immediate support is $0.70, and any violation below targets $0.540/$0.450.

Indicators ( 4-hour chart)

Directional movement index - Bullish

It is good to buy on dips around $0.75 with SL around $0.54 for TP of $1.50.

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