Coinbase’s Impact on Mantle’s Market Performance
The crypto market is buzzing with excitement as Mantle (MNT) experiences a significant surge following news of Coinbase’s latest addition. Coinbase recently announced its plans to list Mantle Perpetual Futures, sparking a wave of optimism among investors globally. But what’s behind this rally, and how could it impact MNT’s trajectory?
Mantle Gains Momentum
On August 21, Coinbase will officially launch MNT Perpetual Futures on its International Exchange and Advanced platform. Following this announcement, MNT’s price rallied by an impressive 12.5%, reaching a local high of $0.38 before settling near $0.37. Its trading volume experienced an exponential rise of 70.23%, jumping to $645 million, while its market capitalization grew by 11%, now valued at $4.62 billion.
Investors Flock to Futures Market
One of the most remarkable outcomes of Coinbase’s announcement is the surge in Mantle’s Futures Open Interest. Data from CoinGlass reveals a jump of 22.74%, peaking at an all-time high of $122.67 million. Similarly, Derivatives volume rose by 15.2% to $131 million, indicating escalating participation in the Futures space. The Long/Short Ratio for MNT Futures currently stands at 1.09, showcasing the dominance of bullish sentiments as 52% of contracts are bets on price increases.
Buyers Drive Spot Market Dominance
The accumulation trend doesn’t stop at the Futures market. According to Coinalyze, Mantle’s Buy Volume surpassed its Sell Volume, with 519k buys compared to 345k sells in the past day. This led to a net positive Buy/Sell Delta of 171k, underlining aggressive spot accumulation. Negative netflows in exchanges further reinforce the bullish sentiment, as more assets are being withdrawn than deposited, a typical prelude to rising prices.
Technical Indicators Show Strength
From a technical perspective, Mantle’s momentum indicators reflect growing buyer control. Its Relative Strength Index (RSI) climbed to 74, approaching overbought territory, and the Chaikin Money Flow (CMF) improved to 0.08, underscoring increasing capital inflow. Both indicators signal that if demand persists, MNT could surpass the resistance zone around $1.39 and aim for $1.45 in the coming weeks.
Potential Risks for Mantle
While the current trend shows promise, speculative buying could also lead to short-lived gains. If the market enthusiasm dwindles, a retracement towards $1.20 is possible.
How to Get Started with Mantle Investments
If you’re considering diving into the Mantle market, Coinbase’s Advanced features are a great place to begin. Secure your exposure to this growing altcoin by using their vetted platform. For those new to crypto trading, platforms like Coinbase provide highly intuitive tools designed for both beginners and seasoned traders alike.
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