Following Coinbase's announcement of listing Mantle's perpetual futures contracts, the altcoin surged by 12.5%. Open interest in futures contracts reached a record high. What do the momentum indicators reveal about MNT's outlook?
Mantle (MNT) has surged 12.55% after defending its $0.30 support level, reaching a local high of $0.38 before consolidating at $0.37. Meanwhile, trading volume exploded by 70.23% to reach $645M, while market capitalization increased by 11% to $4.62B. This momentum reflects a strong capital inflow and increasing on-chain activity.
The surge was triggered by Coinbase, which announced the launch of Mantle perpetual futures contracts on Coinbase International Exchange and Coinbase Advanced, scheduled for August 21. This news has revived demand for the token, fueling a renewed bullish sentiment.
As the market recovered, investors rushed to futures contracts, seeking to position themselves ahead of the next move. Mantle’s open interest jumped by 22.74%, reaching a record $122.67M. In parallel, derivatives volume increased by 15.2% to reach $131M, confirming growing trader participation in this segment.
We’re witnessing a speculative surge driven by buyers in both spot and futures markets. The Relative Strength Index (RSI) has climbed to 74, approaching the overbought zone, while the Chaikin Money Flow (CMF) turned positive at 0.08, signaling bullish dominance. If demand remains strong, Mantle could break through the $1.39 resistance and target $1.45. Conversely, if speculation wanes, we could see a pullback toward $1.20.
If demand remains strong, Mantle could break through the $1.39 resistance and target $1.45.
Position yourself now and don’t miss this unique investment opportunity before a likely takeoff.
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