After U.S. President Donald Trump issued an executive order endorsing cryptocurrencies, there has been a robust bullish recovery in the market. Additionally, among the top 100 cryptocurrencies, the Mantle token records a double-digit surge, giving it the highest 24-hour gains.
Is now a good time to invest in altcoins before the AltSeason?
Over the course of the day, the Relative Strength Index (RSI) successfully retests its oversold range. As a result, it has recorded a bullish convergence on its average trendline and a sharp spike toward the overbought range. This portends a promising future direction.
Additionally, in the 1D time frame, the 50-day EMA indicator shows a positive crossover with its 200-day constant, which supports the Mantle price chart. This indicates that the altcoin is under more buying-over-selling pressure in the cryptocurrency market.
The price of MNT coins shows a robust bullish reversal!
The Mantle token has added more than 12% in the last day and 34.73% this week, maintaining its bullish price action. With a market valuation of $4.179 billion, this altcoin has achieved the 35th position with a 7-day return of +10%.
Source: CoinMarketCap
Will the Price of MNT Hit $2?
The price of Mantle may retest its crucial resistance level of $1.27 if the market keeps moving in the bulls' favor. If the price stays above that mark, it may move closer to this month's highest high of $1.40.
Conversely, the price of the MNT coin will retest its $1.14 support level if a trend reversal takes place. Furthermore, the price may drop to its $1 low if the bears outrun the bulls.