MTL reaches new ATH and short-term accumulation surges.
Mantle (MNT) hit a new all-time high as investors showed accumulation patterns amid bull market conditions.
Mantle’s price hit an all-time high of $1.29 around 05:30 UTC on March 27, before falling slightly. MNT is still up 28% in the last 24 hours and is trading at $1.18 at the time of this writing. The asset’s market capitalization increased to $3.8 billion, making it the 33rd largest digital currency.
Additionally, Mantle’s daily trading volume increased 65% to $410 million. According to the data, the majority of token trading activity comes from the Bybit cryptocurrency exchange, amounting to approximately $312 million.
According to data provided by Santiment, the P/L ratio for daily on-chain MNT transactions has continued to increase over the past three days as the asset continues to strengthen, currently sitting at 1.85.
At this point, profit-taking is expected to begin in earnest even if MNT shows no signs of overheating.
According to Santiment, Mantle’s Relative Strength Index (RSI) has surged from 43 to 58 in the past 24 hours. This indicator shows a slight increase in price volatility as the cryptocurrency may see high activity on the chain.
According to data from the market intelligence platform, the number of active MNT deposits has surged 32% over the past day and is currently hovering at 70 unique deposits.
However, in the last 24 hours, the number of active Mantle withdrawals has increased by 1,415%. This is an increase from 43 to 651 unique withdrawal transactions across all exchanges.
Trends generally show short-term accumulation patterns, but large-scale whale migrations are still expected.
Source: https://crypto.news/mtl-reaches-new-ath-short-term-accumulation-skyrockets/
