Trump Family-Backed Fund Accumulates 3.54M MNT Tokens, Driving an 8% Price Increase

This surge comes after the token completed a deep 0.786 Fibonacci retracement, a technical level often viewed as a solid entry point for traders.

Key Notes:

* World Liberty Financial (WLFI), the family-backed investment fund, has spent another 3M USDT to buy 3.54M MNT, aiming to increase its MNT holdings.

* WLFI’s latest shopping for MNT started around 5:30 (GMT+8) on Monday, while its price was trading in the mid-$0.84.

* Earlier on Monday, WLFI bought 3.539 million MNT for about $3 million.

* So far, WLFI has bought a total of 5.99 million MNT with an average entry price of $0.834. The position is currently worth $5.05 million, giving WLFI a slight unrealized profit on its MNT investment.

* Analysts are connecting this major accumulation to Mantle’s upcoming Index Fund and Mantle Banking services, which are intended to attract institutional capital and may be boosting the token’s demand.

* WLFI has been aggressively purchasing crypto assets despite posting a $111 million loss from its $343 million investment across 11 different digital assets.

* Since February’s market correction, the fund has accumulated $28.6 million worth of crypto across ETH, WBTI, MOVE, SEI, AVAX, and MNT.

MNT Price Today: Surging 8%, Aiming for Crucial Levels

After a notable 8% price increase, Mantle (MNT) is currently trading around $0.84, a significant rise from its March lows. The token has completed a deep 0.786 Fibonacci retracement, a technical level that is often seen as a solid entry point for traders.

This surge has also brought a 7.5% uptick in Mantle’s market cap, which now stands around $2.84 B. The token’s 24-hour trading volume has also seen a 76% surge, currently at $154.20 M.

On the daily MNT price chart, the RSI bounced off the bearish control zone and is now sitting at 56, which indicates moderate bullish momentum. Historically, MNT tends to oscillate between the bullish and bearish control zones, making the RSI a reliable indicator for its price movements.

Source: TradingView

Furthermore, the MACD line has crossed above the signal line, indicating a potential bullish trend reversal. The histogram is also turning green, which reflects growing upward momentum.

Source: TradingView

The token is approaching the upper Bollinger Band, signaling increased volatility. A breakout above this level could trigger further upside, with the next resistance around $0.90. However, before that, a crucial level lies around the 50 Exponential Moving Average at $0.8822.

Recently, Mantle launched a $1 million MNT rewards program to boost user engagement and total value locked (TVL). The campaign encourages users to interact with Mantle-based dApps, driving activity on the network.

Read More: Trump Family-Backed Fund Loses $111 Million From $343 Million Crypto Investmentoutput: This content is not intended to be used as financial advice.