Mantle (MNT) Spikes 8% Despite Market Moving Sideway — Will More Upside Follow?

Mantle (MNT) is currently consolidating within a symmetrical triangle formation, as indicated by the 4-hour and 1-hour charts. The price action is shaped by Elliott Wave theory, with wave counts and Fibonacci levels providing insight into potential breakout directions. The recent move suggests a possible uptrend, but key resistances must be cleared to confirm bullish continuation.

MNT Price Analysis 

The 4-hour chart reveals that MNT has been consolidating within a well-defined symmetrical triangle, following a five-wave impulsive move that peaked near $1.41 on Jan. 6. The subsequent corrective pattern has resulted in the formation of a contracting structure, with key horizontal supports and resistances defining the range.

On Feb. 9 the price made a higher low of $0.98 and started gaining traction, increasing by 11% out of which the majority of 8% from the rise was seen since yesterday.

The Elliott Wave count suggests that the price is currently within wave D of a corrective ABCDE pattern. This still needs to be confirmed as there is a possibility that the correction ended on the C wave, making its recent rise the beginning of a new uptrend that will lead to a breakout above descending resistance. 

If the structure remains intact, and we see a rejection at the descending resistance, wave E could lead to one final retest of support before a potential breakout. Notably, the Relative Strength Index (RSI) recently bounced from neutral levels, suggesting that bullish momentum is attempting to regain strength.

From a Fibonacci perspective, key retracement levels act as both support and resistance. The 0.382 retracement at $1.085 provides immediate support, while resistance is found at $1.211 (0.236 Fibonacci level). A sustained break above this level could open the doors for a retest of the prior high at $1.40.

A failure to break higher would likely result in a revisit of lower support levels around $0.98, which aligns with the 0.5 Fibonacci retracement and the lower boundary of the triangle.

MNT Price Prediction

The 1-hour chart presents a more granular view of MNT’s potential breakout structure. and the two possible outcomes A five-wave impulse appears to be developing since Feb. 9, with the current price action suggesting the formation of wave (iii). This wave, if validated, could push the price toward the Fibonacci extension levels of 1.272 ($1.1074) and 1.618 ($1.1351) as the interaction with the descending resistance. 

If wave (iii) completes successfully, a short-term retracement for wave (iv) may find support near the 0.786 ($1.0685) or 0.618 ($1.0551) Fibonacci levels before wave (v) extends toward $1.1656 or higher.

On the downside, if MNT fails to hold support at $1.085 and breaks below the symmetrical triangle structure, the price may decline toward the $1.0245 level (0.236 retracements), with a worst-case scenario seeing a retest of the psychological $1.00 mark.

Momentum-wise, the RSI on the 1-hour timeframe suggests potential upside, but a decisive breakout above $1.1074 (1.272 Fibonacci level) is required to confirm bullish continuation.

Key Levels to Watch

• Immediate Resistance: $1.1074 (1.272 Fibonacci extension)
• Key Resistance: $1.1351 (1.618 Fibonacci extension)
• Major Resistance: $1.1656 (2.0 Fibonacci extension)
• Immediate Support: $1.0685 (0.786 Fibonacci retracement)
• Key Support: $1.0551 (0.618 Fibonacci retracement)
• Critical Support: $1.0245 (0.236 Fibonacci retracement)
• Breakout Target: Above $1.1656 if bullish structure holds
• Invalidation Level: Below $1.00, signaling potential trend reversal