FxWirePro- MNTUSD Daily Outlook

Mantle Network is an L2 scalability solution built on top of Ethereum. It is a technology stack for scaling Ethereum. Mantle Network has been built with a modular architecture that combines an optimistic roll-up protocol with an innovative data availability solution.

Consensus and settlement take place on Layer 1 Ethereum. The sequencer produces blocks on L2. The validator nodes collect transactions from users and commit them to Ethereum in the form of a "compressed block" which reduces the gas fees and increases throughput.

EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the reuse of ETH on the consensus layer. 

MNTUSD has jumped sharply after a massive sell-off

Any daily close above $1.55 confirms further bullishness.

MNTUSD prices trading higher for the past two weeks and surged more than 45%.It hit a high of $0.865 and is currently trading around $0.855. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $1.10, any indicative breach above will take the pair to $1.25/$1.530. On the lower side, immediate support is $0.70, and any violation below targets $0.540/$0.450.

Indicators ( 4-hour chart)

Directional movement index - Bullish

It is good to buy on dips around $0.75 with SL around $0.54 for TP of $1.50.