Mantle’s MNT is among today’s standout performers, soaring 12% amid strong market demand for the altcoin. Earlier today, the altcoin registered a new all-time high of $2.87, before retreating slightly to $2.59 at press time.
However, while demand remains underway, on-chain and technical data signal that the rally may be approaching euphoric levels, hinting at the possibility of a near-term pullback.
Sponsored
Mantle’s Momentum Hits Overdrive
MNT’s upward price momentum is evident on the daily chart, where the token now trades above its ascending parallel channel.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
This channel is formed when the asset’s price consistently oscillates between two parallel trendlines — one acting as support and the other as resistance. Trading above this channel confirms a definitive bullish takeover and often triggers further price rallies.
However, there is a catch for MNT. Readings from its Relative Strength Index (RSI) signal that the altcoin is overbought, suggesting that the rally may be nearing levels that are often unsustainable in the short term.
Sponsored
At press time, this key momentum indicator is at 72.36.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indica
Go to Source to See Full Article
Author: Abiodun Oladokun
