The crypto market faced a tough week of trading. Since Monday June 22, Bitcoin (BTC) has been falling 8.6%Since $65.6k to $60k. Meanwhile, Mantle (MNT) prices fell 21.6%Since $0.541 to $0.416.
In the last 24 hours alone, MNT prices have fallen by just under 10%. Daily trading volume increased by 44%indicating increased selling activity as prices fell.
Mantle’s price decline was influenced by Bitcoin, which in turn reacted to macroeconomic market news. Inflation was rising. Data from the Bureau of Economic Analysis showed that personal consumption spending price index (PCE) was standing 4.1% over one year in May 2026reaching a highest in 3 years.
This triggered a sell-off and prolonged liquidations sent prices tumbling. Mantle’s long-term price trend has been bearish and recent losses have reinforced this bias.
MNT slides below key long-term support
The 1-week chart of the MNT highlighted the importance of $0.55 level of support. Buyers have been defending it since early 2024. Losing this critical long-term support level means the long-term trend is now bearish.
The RSI was at 32.7 and not yet at oversold conditions. OBV has rebounded since last July, but has also been falling slowly.
This week’s losses mean the altcoin is likely to fall to the level $0.319 support level soon, and maybe even lower.
Trader Call to Action – Wait to Sell the Bounce
The 4-hour time frame showed a bearish swing structure. The last downward continuation signal came when the $0.506 the lowest was reached on Wednesday June 24.
The RSI was deep in oversold conditions, and the OBV’s downward movements were much more evident than on the weekly timeframe.
This, combined with the breakout of weekly support, meant that the current fourth-half bearish move was over, or about to be. A rebound is likely to start from here, reaching key Fibonacci retracement targets.
Therefore, a bounce in the golden pocket at $0.526 to $0.556 would offer a sales opportunity.
Final summary
- The drop in Bitcoin price earlier this week caused heavy MNT losses as market participants sought to avoid enduring rough seas.
- Traders can wait for a price rebound towards $0.55 before selling.
