Mantle [MNT] Saw a Rapid 74% Move From $0.541 to $0.94 Which Took Just Five Days

Mantle [MNT] saw a rapid 74% move from $0.541 to $0.94 which took just five days. It began on the 4th of November and reached local highs on the 9th of November

Mantle [MNT] price dropped rapidly over the past week, following a quick five-day, 74% move from $0.541 to $0.94. Commencing on 4 November, the price reached local highs before encountering a steep pullback.

During this period, several altcoins experienced substantial gains. However, MNT's retracement coincided with Bitcoin [BTC] breaking past the $75k level. Further gains in Bitcoin shifted attention toward the crypto king, leaving altcoins like Mantle to await their turn in the spotlight.

Buying opportunity for Mantle bulls?

Source: Santiment

The daily active addresses and network growth reached 3-month highs during MNT's rally past $0.9. The last time such high activity was observed was in mid-August, around the time Mantle dropped to lows in the $0.6 range.

Over the past week, network activity declined, indicating less participation and demand for MNT. Dormant circulation remained low, suggesting that high selling pressure was unlikely to emerge.

Development activity also remained relatively high, which could bolster the conviction of long-term holders.

Source: Santiment

The 30-day MVRV ratio for MNT dropped to -1.4% during the recent retracement, indicating that, on average, short-term holders were at a loss. The price action also drove the Network Value to Transactions (NVT) ratio lower.

This NVT trend began to shift over the past three days as transaction activity continued to fall due to reduced network activity. As a result, the NVT ratio trended higher, indicating that the asset may be becoming overvalued relative to the volume of transactions being cleared on-chain.

Mantle still below the mid-range resistance

Source: MNT/USDT on TradingView

According to technical analysis, Mantle does present a decent buying opportunity. It has traded within a range from $0.58 to $0.91 since June, and at press time was just beneath the mid-range level at $0.75.

Read Mantle’s [MNT] Price Prediction 2024-25

The 0.25 range level at $0.668 is a strong support zone, both technically and historically. Hence, bulls are likely to have the upper hand as long as prices remain above this level.

Rising demand for the token could propel a move past the range highs and toward $1.1 and $1.45.