The Mantle price has seen a 6.2% increase in the last 24 hours, trading at $0.504 as of 7:10 a.m. EST.
This jump may be attributed to the partnership between Mantle and Ondo Finance. Over a week ago, Mantle partnered with Ondo Finance to launch USDY, a new token backed by tangible assets. As an Ethereum ERC-20 token, USDY is available on Mantle’s decentralized exchanges, such as Agni Finance and FusionX Finance.
This introduction of a yield-generating token to the Mantle Network is a significant step following the creation of a bridge from Ethereum’s Layer 1 to Mantle’s Layer 2, specifically for USDY transactions.
1/ 🚀 Introducing Ondo Bridge, a new tool for seamless cross-chain transfers of Ondo RWA tokens, initially supporting bridging of native USDY between Ethereum and @0xMantle, powered by @axelarnetwork and Ondo under the hood.https://t.co/ncM6Uitfch
— Ondo Finance (@OndoFinance) November 13, 2023
Over the past 24 hours, the trading volume has surged by 33%, reaching $141 million and contributing to its market capitalization of $1.55 billion.
Mantle Price Trades Head And Shoulders Pattern
The mantle price is near its cycle peak, achieving its highest price of $0.600249 on July 20, 2023. The lowest point following its all-time high (ATH) was $0.307707, representing a cycle low.
The bulls have taken control of the price after garnering forces at the $0.31 support and culminating in an inverted head and shoulders pattern, which signals a bullish trend continuation surpassing the $0.42 resistance zone.
The MNT price is experiencing a resurgence, with the 50-day simple moving average playing a crucial support role. The recent surpassing of this SMA confirms a bullish sentiment for MNT.
Although the relative strength index (RSI) slightly decreased from an overbought level, settling at 66 in a bullish trend, the recent price jump has pushed the RSI back into the overbought region, reaching 72.
This suggests intense buying pressure, and if the bullish trend continues, there’s potential for the RSI to sustain itself in the overbought zone.
The outlook for the MNT price is optimistic, with a target of $0.60 in the coming weeks. Both the RSI and SMA indicators support this bullish perspective. If the current momentum persists, it could propel the price above the $0.60 resistance, reaching $1.10
On the flip side, bears may take advantage of a possible double-top pattern at the $0.60 resistance level to drive the price down and recoup their losses. A candlestick break below the $0.48 support level could prompt bulls to seek refuge in the $0.42 zone.
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