Mantle (MNT) price surged by 36% on Wednesday and has gained nearly 3% in the past 24 hours, currently trading at $1.1999 as of 04:26 AM EST.
On March 27, MNT hit a new all-time high of $1,5000 with a trading volume of 54%, mainly due to the popularity of staking rewards and second-layer (L2) technology.
Mantle (MNT), Ethereum’s second-layer scaling solution, has seen its latest surge due to the launch of its staking program and increased investor interest in L2 technology. It all started with the network’s announcement of the Mantle Rewards Station on Monday, March 25.
Mantle Rewards Station will enable users to lock their MNT tokens. In return, they will receive distributed mShard tokens as rewards. mShard tokens represent a portion of Ethena Lab's native token ENA. These tokens can be exchanged for ENA before the end of the program's lock-up period.
In addition, analysts said that the rise in Mantle's price proves investors' interest in L2 solutions such as Mantle. This is because L2 has the advantages of scalability and lower transaction fees, which are more popular than the crowded Ethereum mainnet.
According to Strahinja Savic of FRNT Financial, the potential of L2 tokens is huge compared to established L1 assets such as Ethereum (ETH), and investors are chasing these potentials. In addition, another bullish factor for Mantle's price is the listing of MNT by the Korean exchange Upbit. The trading platform lists MNT trading pairs along with the Korean won (KRW), Bitcoin (BTC) and Tether (USDT).
Price prediction for MNT after it is listed on Upbit exchange
Mantle price broke through the upper boundary of the ascending parallel channel on the back of buying rumors and selling news. The move allowed the token to break the $1.0913 resistance level and set a new all-time high. However, as the listing and staking program events were already priced in, traders began to close their positions for profits.
The Relative Strength Index (RSI) has confirmed that it is time to sell MNT as it has fallen below the threshold of 70. Traders who follow this sell signal may cause Mantle price to fall further. If the price breaks and closes below the support level of $1.0913, it will affect the current upside potential. The bullish outlook will only be invalidated if the price of Mantle breaks and closes below the support level of $0.8539.
However, considering the outlook of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD), Mantle price is still expected to continue to rise. The green histograms of the AO and MACD indicate that the trading volume of these indicators continues to increase, strengthening the bullish view. Specifically, they show that the bullish trend in the market is growing.
Therefore, if the bulls regain control of the market, there is a chance that the Mantle price will continue to rise with the potential to recapture the $1.5000 high. In a highly bullish scenario, it might even break above the high of this price range to set a new local high.
Meanwhile, 5SCAPE, the world’s first AR/VR presale designed to connect the smartest minds together, is attracting investors’ attention. Analysts say it could be the next token with 100x potential.
It has raised $2.8 million so far and is on track toward its $3.75 million goal.
5th Scape is a game changer in the VR and AR space, bringing a new era to the technology, and it is doing so with its Cage Conquest MMA game model, which is currently in development.
If you’re looking to diversify your portfolio, consider unlocking unlimited potential in the virtual realm with 5thScape.
5thScape is a cutting-edge crypto project that aims to transform augmented and virtual reality and offers investors an opportunity to gain insight into the future of immersive gaming.
The project is focused on VR games, but there are plans to launch other forms of VR and AR content, such as educational experiences, social applications and creative tools.
5SCAPE has multiple uses, the first of which is to provide access to premium VR content, giving holders access to exclusive games, experiences and features within the platform.
This is a Play to Earn (P2E) token, through which players can earn 5SCAPE tokens that can be traded after listing as an incentive. It will also provide a staking function to lock tokens for rewards.
Token economic model of the 5th Scape project
The total token supply is 5.21 billion, and the 5th Scape presale plans to sell 80% of the entire 5SCAPE token supply, with a fundraising target of up to $15 million.
5SCAPE tokens were priced at $0.00248 each, up nearly 15% in just over three days.
The listing price is fixed at $0.01, and investors who buy now can make a profit of 303% before listing.
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Also read:
The VR industry is about to get a huge boost thanks to 5th Scape (5SCAPE)
If you believe in the future of AR/VR, 5Scape is the best investment project
How to Buy 5th Scape - 5SCAPE Token Presale Review
5SCAPE Cryptocurrency Price Prediction - 5SCAPE Price Potential in 2024
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