TradeCityPro | MNT: Layer 2 Project's Market Movements👋 Welcome to TradeCityPro!
In this analysis, I will review the coin MNT, a layer 2 project that has experienced significant growth in recent months.
📅 Weekly Timeframe: Engaged with ATH Ceiling
In the weekly timeframe, as you can see, there is limited data, and since the inception of this coin, it has created a significant ceiling at 1.4264, which it has touched twice and is currently being rejected from again.
🧩 The main supports are at 0.5450 and 0.3278. The SMA25 also acts as dynamic support. Due to limited data in this timeframe, it's better to move to the daily timeframe for a more detailed chart analysis.
📅 Daily Timeframe: Beginning of the Next Correction Wave
In the daily timeframe, we observe a strong upward trend starting from a low of 0.5450, reaching up to 1.3997, and forming a range box between 1.0861 and 1.3997.
🔽 Currently, the price is breaking the floor at 1.0861. This area is critical as the price has historically reacted to it, and it coincides with the 0.382 Fibonacci level. If this floor breaks, the price could move towards the 0.618 and 0.786 Fibonacci levels.
✨ The RSI oscillator, with its break below 50, has activated a negative divergence in the market, and with the increasing volume of sales, the likelihood of starting the next correction wave is high.
🛒 If the price returns above 1.0861, the trigger at 1.3997 will be suitable for buying in spot. Otherwise, you should watch for the price reaction to upcoming supports.
⏳ 4-Hour Timeframe: Futures Triggers
In the four-hour timeframe, I will only examine futures triggers.
🔼 For long positions, the first trigger is 1.1478, which has shown to be a strong level as the price has already pulled back to it once, highlighting its importance. If this area and 54.85 are broken, more bullish momentum will enter the market, potentially moving the price towards the main resistance at 1.3997.
📉 For short positions, the first trigger is 1.0311, which the price has already reacted to. If the price consolidates below this area, we can expect it to reach 0.8718. Additional triggers might include Dow Theory and breaking lower lows for further positions.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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