Is Mantle due for a dip? – Analyzing why MNT’s pullback is likely

Key Points

1. Mantle (MNT) surged 21% in a week, reaching a 2-month high of $0.85 before retracing to $0.78.

2. Whale traders dominated the market over the past 30 days, with large orders and sustained buying activity contributing to the price increase.

3. Spot Netflow data showed -$4.3 million, indicating more MNT was withdrawn from exchanges than deposited, a bullish signal.

4. Futures market activity saw Open Interest rise 9.2% to $28.8 million, with a 285% surge in volume to $47.8 million, and a positive Funding Rate of 0.01.

5. RSI dropped from 76 to 73, signaling weakening buyer momentum, which could lead to a decline to $0.70 if selling pressure increases.