Mantle’s ecosystem Advances, but MNT Token Faces Bearish Pressure
despite Mantle’s significant ecosystem updates, the MNT token is still in a bearish trend. However, it has found a new support level, holding steady for weeks.
On March 2, Mantle shared a letter with MNT holders, detailing Q2 plans. The highlights include the launch of Mantle Banking, a neobank bridging fiat and crypto, and Mantle Index Four (MI4), a high-grade crypto fund.
The letter also celebrated key achievements. Mantle integrated EigenDA on mainnet for better data availability.It attracted over 27K cmETH in its fixed yield vault and secured 162.9K mETH for Mantle Network’s architecture. FBTC surpassed $1.2 billion in total value locked and expanded across EVM chains. Mantle is also developing into the largest ZK rollup with institutional security.
Despite these advancements, MNT has been in a downtrend as February 3. the price has been making lower lows and highs. It briefly broke above the 20-day EMA in March but is now below it, trading at $0.74.
The Relative Strength Index is 38.60, trending downward but not oversold. The MACD indicator remains bearish. The price has held a support zone at $0.72 as mid-March. The frist resistance is at $0.80, with a stronger one at $1.00.
A move above $0.80 coudl signal recovery, but a trend reversal would need a strong break above $1.00 with high volume.
