MNT bulls recover: can they overcome obstacles?

Over the past week, MNT's network activity has declined, indicating weaker engagement and demand. Despite this, MNT still has some hope for recovery. #3370759661

Recent Trends

MNT rose rapidly between November 4 and 9, rising 74% from $0.541 to $0.94, but then pulled back. This rally came as Bitcoin broke through $75,000, attracting market attention to Bitcoin and causing altcoins such as MNT to temporarily lose popularity.

Market Signals

Despite the pullback, MNT still presents some buying opportunities. After breaking through $0.9, active addresses and network growth hit a three-month high, indicating that there may be rebound potential in the short term. High development activity also boosts the confidence of long-term holders.

However, the recent pullback has caused MNT's 30-day MVRV ratio to drop to -1.4%, meaning that many holders are losing money in the short term. The decrease in network activity also led to a rise in the NVT ratio, suggesting that the asset may be overvalued.

Technical Analysis

Technical analysis shows that MNT has fluctuated between $0.58 and $0.91, with the current price around $0.75. If the price remains above $0.668, bulls will have the upper hand. If demand picks up, MNT is expected to break through the range high and challenge $1.1 or even $1.45.

Conclusion

Despite the current challenges, the recovery in demand and technical support for MNT may provide opportunities for its recovery. #比特币突破10万？ #ETH市场新动向