Can MNT bulls regain their momentum?

Last week, the activity level of the MNT network declined, indicating a decrease in participation and demand. However, there is still a glimmer of recovery.

Recent Trends:

Between November 4 and 9, MNT surged rapidly, increasing by 74%, from $0.541 to $0.94, before entering a correction.

This surge coincided with Bitcoin breaking through $75,000, drawing market focus towards Bitcoin and causing altcoins like MNT to temporarily fade.

Market Indicators:

Despite the correction, MNT still shows a buying opportunity. After breaking through $0.9, active addresses and network growth reached a three-month peak, suggesting a potential short-term rebound. Active development activities have also strengthened the confidence of long-term holders.

However, the recent correction has caused MNT's 30-day MVRV ratio to drop to -1.4%, indicating that many holders are in a loss position in the short term. The slowdown in network activity has also led to an increase in the NVT ratio, suggesting that the asset may be overvalued.

Technical Analysis:

From a technical perspective, MNT is oscillating between $0.58 and $0.91, with the current price around $0.75. If the price remains above $0.668, the bulls will have the advantage.

If demand picks up, MNT is expected to break through the upper range, challenging $1.1 and even $1.45.

Conclusion:

Despite facing numerous challenges, the rebound in MNT's demand and technical support may create potential for its recovery.

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