User Engagement On Decline: Can Mantle Price Crash More?
User Engagement On Decline: Can Mantle Price Crash More?
The 24 hour active address dropped by nearly 50% in the last couple of sessions.
The daily chart highlights a consolidation near the monthly lows for the last three weeks.
Mantle (MNT) Price seemed to be looking for a firm footing near the monthly lows. The cryptocurrency has been under bearish control since mid April and has suffered multiple rejection from an upper trendline resistance.
However, the selling seemed to have taken a pause in the last couple of weeks as the daily chart illustrates a consolidation near the lows. Let's analyze whether Mantle may break out of the consolidation and recover or a breakdown may trigger another selloff in the crypto.
On-chain data Indicates Fading User Interest
As per the data obtained from an on-chain analytics website app.santiment.net, The 24 hours as well as 7 day active addresses have noted a sharp decline indicating the waning interest of the investors.
<iframe title="Santiment Chart: Price (MNT), Active Addresses 7d (MNT), Active Addresses 24h (MNT)" width="800" height="425" src="embed.santiment.net/chart?ps=mantle&pt=MNT&df=2024-08-21T18:30:01.273Z&dt=2024-08-29T18:29:59.273Z&emcg=1&emhwm=1&wm=price_usd;active_addresses_7d;active_addresses_24h&wax=0&wc=#26C953;#FFCB47;#FF5B5B&ws={"node":"area"};;" scrolling="no"></iframe>
Source: app.santiment.net
The 24 hour active addresses were 264 which has dropped to 145 as of now indicating a significant loss in the number of active users in the recent sessions. Also, the 7 day active addresses have dropped from 1083 to 960 in the last couple of sessions.
The active addresses represent the number of unique addresses which have taken part in any transaction in a given period of time. A decreasing number of active addresses reflects the waning interest of the users and decreasing user engagement.
Moreover, the trading volume has dropped by 23.34% and was $92.87 Million a day. It boasts a market capitalization of $1.90 Billion ranking at 40th in the crypto space. At present, nearly 52.5% MNT tokens i.e. 3.2 Trillion tokens are currently in circulation.
Breakout Or Breakdown: What’s Next For Mantle?
At the time of writing, Mantle was exchanging hands close to $0.60, recording a swift intraday rise of 0.53%. The long term trend outlook was bearish with a consolidation in the short term.
The technical chart highlights a consolidation for the last three weeks in the range $0.57 and $0.65 levels. A breakout or breakdown of the consolidation on either side may indicate a clear trend in Mantle.
Now, a breakdown below the recent support of $0.57 may validate a bearish continuation and mantle could plunge more. On the contrary, a breakout on the higher side may turn the short term outlook bullish and the price may show gains towards the $0.76 level.
At the time of writing, RSI line was placed close to 45.05 points and that of the 14 day SMA line was placed close to 42.34 points indicating a recovery in the recent sessions. Also, a bullish crossover of both the lines was observed indicating a bullish trend outlook.
Mantle (MNT) has been under bearish control since mid-April and has plunged, facing multiple rejections from an upper trendline resistance. However the recent sessions saw a consolidation near the lows. A breakout above $0.65 could turn the short-term outlook bullish, targeting $0.76, while a breakdown below $0.57 may continue the bearish trend.
Furthermore, the on-chain data shows a decline in active addresses, indicating waning investor interest. The RSI and 14-day SMA lines suggest a potential bullish trend, with a recent bullish crossover observed.
The 24 hour active address dropped by nearly 50% in the last couple of sessions.
The daily chart highlights a consolidation near the monthly lows for the last three weeks.
Mantle (MNT) Price seemed to be looking for a firm footing near the monthly lows. The cryptocurrency has been under bearish control since mid April and has suffered multiple rejection from an upper trendline resistance.
However, the selling seemed to have taken a pause in the last couple of weeks as the daily chart illustrates a consolidation near the lows. Let's analyze whether Mantle may break out of the consolidation and recover or a breakdown may trigger another selloff in the crypto.
On-chain data Indicates Fading User Interest
As per the data obtained from an on-chain analytics website app.santiment.net, The 24 hours as well as 7 day active addresses have noted a sharp decline indicating the waning interest of the investors.
<iframe title="Santiment Chart: Price (MNT), Active Addresses 7d (MNT), Active Addresses 24h (MNT)" width="800" height="425" src="embed.santiment.net/chart?ps=mantle&pt=MNT&df=2024-08-21T18:30:01.273Z&dt=2024-08-29T18:29:59.273Z&emcg=1&emhwm=1&wm=price_usd;active_addresses_7d;active_addresses_24h&wax=0&wc=#26C953;#FFCB47;#FF5B5B&ws={"node":"area"};;" scrolling="no"></iframe>
Source: app.santiment.net
The 24 hour active addresses were 264 which has dropped to 145 as of now indicating a significant loss in the number of active users in the recent sessions. Also, the 7 day active addresses have dropped from 1083 to 960 in the last couple of sessions.
The active addresses represent the number of unique addresses which have taken part in any transaction in a given period of time. A decreasing number of active addresses reflects the waning interest of the users and decreasing user engagement.
Moreover, the trading volume has dropped by 23.34% and was $92.87 Million a day. It boasts a market capitalization of $1.90 Billion ranking at 40th in the crypto space. At present, nearly 52.5% MNT tokens i.e. 3.2 Trillion tokens are currently in circulation.
Breakout Or Breakdown: What’s Next For Mantle?
At the time of writing, Mantle was exchanging hands close to $0.60, recording a swift intraday rise of 0.53%. The long term trend outlook was bearish with a consolidation in the short term.
The technical chart highlights a consolidation for the last three weeks in the range $0.57 and $0.65 levels. A breakout or breakdown of the consolidation on either side may indicate a clear trend in Mantle.
Now, a breakdown below the recent support of $0.57 may validate a bearish continuation and mantle could plunge more. On the contrary, a breakout on the higher side may turn the short term outlook bullish and the price may show gains towards the $0.76 level.
At the time of writing, RSI line was placed close to 45.05 points and that of the 14 day SMA line was placed close to 42.34 points indicating a recovery in the recent sessions. Also, a bullish crossover of both the lines was observed indicating a bullish trend outlook.
Mantle (MNT) has been under bearish control since mid-April and has plunged, facing multiple rejections from an upper trendline resistance. However the recent sessions saw a consolidation near the lows. A breakout above $0.65 could turn the short-term outlook bullish, targeting $0.76, while a breakdown below $0.57 may continue the bearish trend.
Furthermore, the on-chain data shows a decline in active addresses, indicating waning investor interest. The RSI and 14-day SMA lines suggest a potential bullish trend, with a recent bullish crossover observed.
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