Mantle, a layer two blockchain on the Ethereum Ecosystem, has been one of the most talked about layer two blockchains due to its market capitalization which has been going down since April 9th, 2024. 

Most traders are shying away from Mantle’s coin, $MNT, as its daily transaction volume goes below $100 Million, creating talks of no potential price gain in the future. 

However, negative speculations around $MNT as the project currently has many developments lined up with its coin’s price potentially going up after the previous price correction. 

Mantle Has Been Active 

In the last week alone, Mantle has been busy developing its liquid Ethereum token which is called the $mETH with partnerships around the crypto market. 

Aside from its partnership with Ethena, it has created a new relationship with ZircuitL2 a new security infrastructure protocol that enables AI to keep a blockchain safe in its validation process. 

Mantle has also been making headlines in Hong Kong due to its partnership with many local crypto projects, where new developers are building decentralized applications on top of this blockchain. 

There are currently multiple Mantle Events in Hong Kong, which are seminars and talk shows, discussing the development of the Mantle Network. 

These events might increase adoption for Mantle as Hong Kong is currently the hype in Asia’s crypto scene after the approval of its Bitcoin Spot ETF. 

Mantle has also been active in terms of interoperability, where its bridge is currently connected with multiple blockchains.

The newest development on its bridge is the ability to move NFTs or Non-Fungible Tokens, whereas the latest update for the bridge is the ability to move the Alice NFTs. 

Overall Mantle is far from inactive, which proves that speculations from traders in the market are inaccurate. 

However, due to the current market condition, $MNT has not been able to show its full potential, which is why it might come later in the future. 

Analyzing the 45% Potential Price Gain

Looking at its daily chart, it can be seen that $MNT is currently moving in an upward direction with a huge zone that started in March 2024. 

Taking a closer look at the price zone, it can be seen that $MNT is currently at its support level where the price might go down lower before going back up again. 

MNTUSD Daily Chart / Source: Tradingview

If the market condition continues to be bad, there is a possibility that $MNT will continue to go down lower to its support level at the $1.03 range which can be a good buying zone. 

However, if the price decides to go down even lower, breaking out of its current upward price zone, the next target will be around $0.87, which cannot be considered a good buying zone as it may lead to more corrections ahead. 

But, if $MNT decides to follow the upward pattern after creating a lower high at $1.03, then there is potential for the price to go up more than 45% to its former all-time high price which stands at around, $1.51. 

This will create a potential long position with a 1:3 risk-to-reward ratio that traders can utilize to make a profit in the short to medium run with $MNT. 

However, all of this analysis is still speculation as the price has not given any clear signs of where the next trend is going to go. 

So, it is good to always use clear risk management so that traders can minimize the risk of losses and keep their capital in the long term. 

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