Is Mantle Going to Crash? MNT Price Falls 5% as New Mining System Receives $9.8 Million in Funding
Mantle has gained by a modest 0.4% today, with the MNT price rising to $0.6034 in the past 24 hours, as the wider market increases by 2.5%.
MNT is now flat in the past week and down by 17% in the last 14 days, with the layer-two token also having fallen by 8% in a month.
These aren’t great percentages, although the altcoin hit an all-time high of $0.8491 only a couple of weeks ago, so it may regain some momentum after finishing what seems like a correction.
Yet even if it doesn’t, there are other promising new altcoins in the market, with Bitcoin Minetrix raising close to $10 million in its increasingly successful presale, as it gears up for a big launch in the coming weeks.
Is Mantle Going to Crash? MNT Price Falls 5%
Despite today’s little lift, MNT remains subdued and continues to struggle to regain any real momentum.
For instance, its RSI (purple) has dropped to 40 this morning, down from nearly 80 as recently as mid-January.
Source: TradingView
This indicates a big loss of momentum, as does the fact that MNT’s price fell below its 30-day moving average (yellow) a few days ago.
It will therefore be interesting to see whether MNT’s support level can prevent a drop below $0.60.
If it can’t, more falls may follow in the next few days, as holders sell in order to prevent deeper losses.
And at the moment, low 24-hour trading volume – at $100 million – would also suggest a lack of interest in the coin, with lower liquidity making bigger falls more likely.
Having said all this, the longer term picture for MNT does look significantly better, given that the layer-two Mantle Network has enjoyed a nearly 7,000% increase in its total value locked in since the middle of July.
At $141 million, the total figure is still relatively modest compared to other Ethereum-focused layer-twos (e.g. Arbitrum, Polygon, Optimism, Manta, Base), yet it’s nonetheless suggests that further growth is likely to follow.
We are pleased to announce that Slash Fintech(We) has entered into a strategic partnership with @0xMantle Network
:https://t.co/TerffyeElx https://t.co/3vcEg5G05w
— ［／］Slash Web3 Payments (@SlashWeb3) January 30, 2024
And with Mantle announcing new partnerships at a relatively healthy rate, the longer term outlook does seem positive, especially when the next Bitcoin halving could boost the crypto market as a whole.
As such, we could see the MNT price return to $0.80 in the next few weeks, before reaching $1 by the summer.
Alternative High-Potential Altcoins
While MNT may continue to fall in the near term, there are plenty of other promising opportunities for traders at the moment.
Indeed, the market is currently awash in a wide variety of promising new alts and presale tokens, with the latter often rallying big after listing for the first time.
Bitcoin Minetrix (BTCMTX) is one such token, with the Ethereum-based stake-to-mine platform raising more than in its $9.8 million in its ongoing sale.
@BlackRock, the world’s top asset manager, has significantly upped its stakes in leading #Bitcoin mining firms like @RiotPlatforms and @MarathonDH.
With their confidence in $BTC mining soaring, how do you envision the future of institutional interest in #Crypto mining?… pic.twitter.com/tWud4CEtMd
— Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
Set for launch in Q2 2024, Bitcoin Minetrix is proving a hit with investors because it offers something few other platforms currently provide: the ability to mine Bitcoin (BTC) simply by staking the platform’s native token, BTCMTX.
Users who stake BTCMTX will receive tokenized mining credits in return, which they can then use to claim Bitcoin hashing power.
By doing this, they will receive a share in mined BTC, with stakers also receiving a steady stream of new BTCMTX tokens.
This could all make Bitcoin Minetrix very profitable for users, with the success of its presale suggesting that many investors seem to think so too.
Tapping into the possibilities of mining $BTC with #BitcoinMinetrix!
Embarking into #Crypto mining with ease:
Simple initiation for beginners.
Cost-effective without hardware expenses.
No worries about space, noise, or heat.
Effortless upgrades with no hassle. pic.twitter.com/uUbXWLCL2z
— Bitcoinminetrix (@bitcoinminetrix) January 28, 2024
And when combined with its straightforward user interface and very low fees, Bitcoin Minetrix looks well placed to be a success.
Its presale will end soon, but investors can still join by going to the official Bitcoin Minetrix website, with BTCMTX selling at $0.0131 per token.
This will rise to $0.0132 tomorrow, while the token’s listing on trading platforms could push it much higher in the next few weeks.
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