The price of Mantle (MNT) may reach a new all-time high in the near future.

Mantle (MNT) has just marked a new historical peak of (ATH) at 1.91 USD on September 23. As of now, this token still maintains a strong bullish outlook, with forecasts that it could conquer levels of 2.34 USD, 2.64 USD, and even aim for 3 USD in the coming weeks.

However, as Bitcoin (BTC) is going through a correction phase and the general sentiment in the market becomes cautious, MNT is likely to temporarily move sideways in the short term.

Daily MNT/USDT Chart | Source: TradingView On the daily chart, the bullish trend has been solidly reinforced since August. After breaking through the resistance level of 0.84 USD – which had existed since March, the buying power of MNT has surged noticeably. The OBV indicator also recorded a strong shift towards the bulls since July, further enhancing the reliability of the bullish trend.

The simple moving averages (SMA) for 20 and 50 days continue to maintain a bullish signal, acting as dynamic support levels. Currently, MNT is bouncing back from the 20-day SMA around the 1.6 USD mark.

However, the Awesome Oscillator has shown red bars on the histogram, indicating that bullish momentum has somewhat weakened over the past week. The bulls also faced significant hurdles around the 1.8 USD level.

The impact of Bitcoin's adjustment phase has made short-term market sentiment negative. According to Fibonacci retracement levels, MNT will find key support thresholds at 1.47 USD, 1.377 USD, and 1.245 USD if the price continues to adjust.

However, the scenario of deep decline is not a priority option at the moment. On the contrary, a breakout through the $1.8 area is considered more feasible, opening up opportunities for MNT to advance to $2.04 and further to $2.34.

Short-term forecast for MNT price

Since the second week of September, MNT has maintained a sideways trend within the price range of 1.52 – 1.86 USD. Notably, the resistance level at 1.69 USD has continuously blocked short-term breakout attempts.

Hourly chart MNT/USDT | Source: TradingViewOn the 1-hour frame, the supply zone of 1.69 – 1.73 USD acts as a key barrier. On September 25, (Thursday), MNT slipped below this threshold and has yet to reclaim this important price area.

From an indicator perspective, the Awesome Oscillator has signaled optimism when it breaks above the 0 line, indicating that bullish momentum is starting to form. However, the OBV indicator still maintains a gloomy state compared to the beginning of the week, reflecting that the buying force is not really overwhelming on short time frames.

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