- Exchange listings on Coinbase and Bybit have temporarily boosted the price of Mantle (MNT).
- MNT’s price has rebounded from a crucial support level at $1.23 amid neutral technical indicators.
- Strong Total Value Locked (TVL) and stablecoin growth enhance Mantle’s long-term prospects.
The price of Mantle (MNT) has seen a sharp decline over the past week, plunging more than 19%.
However, the token has experienced some recovery today, increasing by over 3% following significant exchange listings.
Traders are now questioning whether this marks the end of the bearish correction or merely a brief respite in the ongoing decline.
Exchange listings halt weekly drop
The recent uptick in MNT’s price coincides with key exchange integrations, particularly on Coinbase International and Bybit.
The introduction of perpetual futures on Coinbase, along with Bybit’s EU Launchpool offering, has brought renewed energy to the market.
Bybit accounts for approximately 37% of MNT’s daily trading volume, with VIP incentives and a 250,000 USDT prize pool drawing in retail participants.
These listings have temporarily halted the weekly decline, showcasing the impact of exchange-driven liquidity on token demand.
Despite this short-term boost, some traders have already realized profits following the new listings, leading to a continued week-over-week drop of almost 15%, as observed in recent social media discussions.
While exchange promotions can trigger sudden buying spikes, the long-term viability of this recovery is uncertain, particularly as open interest on Coinbase futures has decreased following the launch.
Mantle (MNT) price analysis
From a technical perspective, Mantle has rebounded from the 61.8% Fibonacci retracement level around $1.14 after a 19% weekly decline.
Technical indicators, including an RSI of 55.48 and a slightly bearish MACD histogram, indicate neutral momentum with potential for short-term volatility.
Immediate resistance is situated around $1.40, near MNT’s all-time high from April 2024, and failing to surpass this level could sustain bearish pressure.
In terms of the broader Mantle ecosystem, the Total Value Locked (TVL) has risen to $460.04 million, primarily driven by its liquid staking solution mETH, which is now the fourth-largest liquid staking token with $1.69 billion in TVL.
Stablecoin usage in the Mantle network has also seen significant growth, reaching a peak of $713.8 million, reflecting strong capital inflow and increased DeFi activity.
These technical and fundamental factors provide underlying support for the token, even amidst short-term fluctuations.
MNT price outlook moving forward
Looking ahead, the outlook for Mantle (MNT) is a blend of cautious optimism.
On the positive side, the network’s institutional offerings, such as the MI4 fund with over $218 million in assets, reflect increasing confidence from professional investors.
Further adoption is expected through Bybit’s ongoing integration, the beta release of the UR banking app, and Mantle’s shift towards zero-knowledge rollups aimed at improving scalability and security.
However, short-term traders must remain vigilant regarding profit-taking trends and the possibility of dips below the $1.23 support level, which could lead to additional declines toward the 38.2% Fibonacci retracement around $1.12.
