Coinbase's action sparks Mantle surge: Will MNT overcome its $1.39 threshold?
In a significant development for the cryptocurrency market, Coinbase, one of the world's largest digital asset trading platforms, announced that it would be adding support for Mantle Perpetual Futures on Coinbase International Exchange and Coinbase Advanced. This announcement, made on August 21, 2021, sparked a 12.55% rally in Mantle (MNT), according to unverified sources.
The surge in Mantle's price was accompanied by a surge in its derivatives market. Futures Open Interest for Mantle soared 22.74% to an all-time high of $122.67 million. The trading volume of Mantle increased 70.23% to $645 million over the same period. Derivatives volume for Mantle's Futures market jumped 15.2% to $131 million, and the Long/Short Ratio surged to 1.09, with longs accounting for 52% of the total Futures contracts.
The Relative Strength Index (RSI) for Mantle also surged to 74, nearing the overbought zone, indicating a strong buying pressure. Furthermore, the Chaikin Money Flow (CMF) for Mantle rose from a negative zone to 0.08, further confirming buyers' dominance.
It's worth noting that the search results do not provide direct information on a 12.55% rally in Mantle (MNT) on August 21, 2021. While factors such as exchange listings, major partnerships, network upgrades, or broader market moves can typically trigger rallies in altcoins, without explicit data or news for Mantle (MNT) on that date, it's challenging to identify the exact cause of the price surge.
In the aftermath of the Coinbase announcement, demand for Mantle continued, potentially breaking the $1.39 resistance and eyeing $1.45. However, if the speculation fades, Mantle may retrace back to $1.20. The market cap of Mantle surged 11% to $4.62 billion.
As Mantle continues to gain traction, it's essential for investors to stay informed about the latest developments and market trends. Consulting specialized cryptocurrency market data platforms with historical trade and news archives or community channels related to Mantle (MNT) can provide valuable insights into the coin's price movements and future potential.
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