Mantle (MNT) Eyes $2 Amidst a Bullish Surge

• Mantle has gained over 12.50%, trading at $1.18.
• The daily trading volume of MNT has decreased by 21.75%.

Cryptocurrencies are marked in red, with the global market cap plunging by over 3.10% to $3.58 trillion. Almost every day, the altcoin market is stealing the spotlight. Ethereum has entered bullish territory, and other altcoins are experiencing price breakouts as the alt-season approaches.

When turning toward the altcoin sector, Mantle (MNT) has surged by over 12.50%, with the market cap staying at $3.97 billion. MNT chose to begin a steady bullish rally for the day.

In the afternoon hours of December 6, Mantle visited its low of $1.02 before mounting up. MNT hit its intra-day high of $1.17 and reached the current trading levels. At the time of writing, the altcoin was trading at $1.18 and the daily trading volume of MNT has reached $239 million, as per CMC data.

Zooming out in the past thirty days, Mantle had bullish movements with a surge of over 102%. Following that, the MNT has gained 37.43% over the past seven days.

Will MNT Push Its Uptrend Forward？

The four-hour price graph reports the upside trajectory of Mantle with the bullpower dominating the market. If MNT bulls fortify, its price may rally to $1.25. With MNT holding its position at the upper trendline, it could reach the higher target above $1.30.

In contrast, if the bears re-emerge and regain control over the asset, the price might slip down to the $1.12 mark. Losing this level would result in a drawdown to $1.05 or even lower.

Mantle rests in the overbought zone, as the daily relative strength index (RSI) is positioned at 72.25. In case of a strong trend, the overbought condition might persist as momentum carries the price higher. In addition, the 24-hour frame of MNT shows the short-term 9-day moving average over the long-term 21-day moving average.

The technical indicators of Mantle demonstrate the ongoing bullish outlook. While inferring the Moving Average Convergence Divergence (MACD) line, it is likely stationed above the signal line. This crossover hints at the approaching uptrend and the increased buying interest within the market.

Besides, the money flow toward MNT has increased as the Chaikin Money Flow (CMF) indicator is settled at 0.22. It reflects the accumulation of the asset, as investors expect higher prices. In the meantime, the daily trading volume of Mantle has declined by over 21.75%.