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The Elliott Wave count suggests that the price is currently within wave D of a corrective ABCDE pattern. This still needs to be confirmed as there is a possibility that the correction ended on the C wave, making its recent rise the beginning of a new uptrend that will lead to a breakout above descending resistance.
If the structure remains intact, and we see a rejection at the descending resistance, wave E could lead to one final retest of support before a potential breakout. Notably, the Relative Strength Index (RSI) recently bounced from neutral levels, suggesting that bullish momentum is attempting to regain strength.
From a Fibonacci perspective, key retracement levels act as both support and resistance. The 0.382 retracement at $1.085 provides immediate support, while resistance is found at $1.211 (0.236 Fibonacci level). A sustained break above this level could open the doors for a retest of the prior high at $1.40.
A failure to break higher would likely result in a revisit of lower support levels around $0.98, which aligns with the 0.5 Fibonacci retracement and the lower boundary of the triangle.
MNT Price Prediction
The 1-hour chart presents a more granular view of MNT’s potential breakout structure. and the two possible outcomes A five-wave impulse appears to be developing since Feb. 9, with the current price action suggesting the formation of wave (iii). This wave, if validated, could push the price toward the Fibonacci extension levels of 1.272 ($1.1074) and 1.618 ($1.1351) as the interaction with the descending resistance.
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