Bitcoin and Ethereum drive the market upwards on November 2, while Mantle (MNT) catches trader's eyes with a promising technical setup. MNT is currently testing the upper resistance of a descending broadening wedge, a classic pattern signaling a reversal. The coming hours may decide whether MNT triggers a nearly 30% uptrend.
In this context, Mantle (MNT) stands out as a token worth watching. It’s showing encouraging technical signals that could precede a significant acceleration. MNT’s current price is around $1.4580, evolving within a bullish continuation pattern and testing a critical zone that could trigger a major directional movement.
On the 2-hour timeframe, MNT is forming a broadening descending wedge, a bullish pattern within a bearish trend. The diverging support and resistance lines reflect increasing volatility, and the lower support around $1.3784 held during the recent correction, triggering buying activity and confirming the pattern’s validity. This gradual accumulation creates a solid technical base for a potential breakout.
The price is now compressed against the upper boundary of the wedge, close to the MA100 located around $1.5819, which constitutes a key resistance. This technical confluence zone represents the critical decision point for MNT, where bulls will need to break through resistance to validate the bullish scenario, while rejection could extend the consolidation before an eventual breakout.
If buyers manage to push MNT above the upper trendline and reclaim the MA100, the next technical target is around $1.8805, representing an upside potential of approximately 29%. This projection remains consistent with the theoretical measurement of a broadening descending wedge, but a clear breakthrough of resistance is essential. Increasing volumes and maintaining levels above $1.5819 at close are necessary to validate the breakout and limit the risk of a false signal.
Conversely, a rejection at the current resistance zone could extend consolidation inside the wedge. In this less favorable but technically valid scenario, the key support to watch is at $1.41, a level which, if maintained, preserves the bullish structure of the pattern and keeps the opportunity for a future breakout alive.
Beyond the chart pattern, several technical indicators support the bullish case. The price reaction at the lower support shows that demand remains strong, while the rotation of capital toward small-cap tokens benefits MNT in a market that’s generally positive for Bitcoin and Ethereum. Traders should monitor trading volumes as price approaches resistance, as a significant increase would strengthen the probability of a bullish directional movement.
Mantle is about to trigger a major directional movement, with the opportunity to benefit from a 10% cashback on Bitget and position yourself strategically in the market.
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