$MNT Experiences 15% Drop Following Hack News, Critical Support at $1
According to Skew Δ, $MNT has experienced a 15% drop in its 4-hour trading window following news of a hack. The market is showing signs of widespread panic. Traders are advised to watch the $1 price level as a potential point of resolution for the current situation.
SourceAnalysis
On February 21, 2025, at 14:00 UTC, the cryptocurrency Mantle ($MNT) experienced a significant price drop of -15% within a 4-hour period, triggered by news of a hack (Skew Δ, Twitter, February 21, 2025). The price of $MNT fell from $1.18 to $1.00, signaling widespread panic among investors (CoinGecko, February 21, 2025, 14:00 UTC). The hack news led to a sharp increase in trading volume, with $MNT seeing a trading volume spike to 50 million tokens within the same timeframe, a 300% increase compared to the average daily volume of the previous week (CoinMarketCap, February 21, 2025, 14:00 UTC). The $1 price level has been highlighted as a critical point to monitor in the resolution of the hack, suggesting that this level could act as a support or resistance depending on future developments (Skew Δ, Twitter, February 21, 2025). Additionally, the on-chain metrics showed a significant increase in the number of transactions, with a 40% rise in transaction count within the 4-hour window following the hack announcement (CryptoQuant, February 21, 2025, 14:00 UTC to 18:00 UTC).
The trading implications of the $MNT hack are multifaceted. The immediate -15% price drop indicates a high level of market sensitivity to security issues, which could lead to further volatility if the situation escalates (TradingView, February 21, 2025, 14:00 UTC). The trading volume surge to 50 million tokens suggests that traders are actively responding to the news, potentially looking to capitalize on the price movement (CoinMarketCap, February 21, 2025, 14:00 UTC). The $1 price level is now a focal point for traders, with potential for a bounce if the hack is resolved favorably or further decline if the situation worsens (Skew Δ, Twitter, February 21, 2025). Other trading pairs such as $MNT/BTC and $MNT/ETH also showed increased volatility, with $MNT/BTC dropping by 10% and $MNT/ETH by 12% within the same 4-hour period (Binance, February 21, 2025, 14:00 UTC). On-chain metrics further highlight the market's reaction, with a notable increase in the number of active addresses, up by 25% within the same timeframe (Glassnode, February 21, 2025, 14:00 UTC to 18:00 UTC).
Technical indicators for $MNT reveal a bearish outlook following the hack. The Relative Strength Index (RSI) dropped from 60 to 35 within the 4-hour period, indicating that $MNT has entered oversold territory (TradingView, February 21, 2025, 14:00 UTC to 18:00 UTC). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line moving below the signal line, further confirming the bearish momentum (TradingView, February 21, 2025, 14:00 UTC to 18:00 UTC). The trading volume spike to 50 million tokens within the 4-hour period is a clear sign of heightened market activity and panic selling (CoinMarketCap, February 21, 2025, 14:00 UTC). The $1 price level remains a key area to watch, as it could act as a psychological support level for traders (Skew Δ, Twitter, February 21, 2025). On-chain metrics, such as the increase in transaction count and active addresses, underscore the market's response to the hack news (CryptoQuant, February 21, 2025, 14:00 UTC to 18:00 UTC; Glassnode, February 21, 2025, 14:00 UTC to 18:00 UTC).
The trading implications of the $MNT hack are multifaceted. The immediate -15% price drop indicates a high level of market sensitivity to security issues, which could lead to further volatility if the situation escalates (TradingView, February 21, 2025, 14:00 UTC). The trading volume surge to 50 million tokens suggests that traders are actively responding to the news, potentially looking to capitalize on the price movement (CoinMarketCap, February 21, 2025, 14:00 UTC). The $1 price level is now a focal point for traders, with potential for a bounce if the hack is resolved favorably or further decline if the situation worsens (Skew Δ, Twitter, February 21, 2025). Other trading pairs such as $MNT/BTC and $MNT/ETH also showed increased volatility, with $MNT/BTC dropping by 10% and $MNT/ETH by 12% within the same 4-hour period (Binance, February 21, 2025, 14:00 UTC). On-chain metrics further highlight the market's reaction, with a notable increase in the number of active addresses, up by 25% within the same timeframe (Glassnode, February 21, 2025, 14:00 UTC to 18:00 UTC).
Technical indicators for $MNT reveal a bearish outlook following the hack. The Relative Strength Index (RSI) dropped from 60 to 35 within the 4-hour period, indicating that $MNT has entered oversold territory (TradingView, February 21, 2025, 14:00 UTC to 18:00 UTC). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line moving below the signal line, further confirming the bearish momentum (TradingView, February 21, 2025, 14:00 UTC to 18:00 UTC). The trading volume spike to 50 million tokens within the 4-hour period is a clear sign of heightened market activity and panic selling (CoinMarketCap, February 21, 2025, 14:00 UTC). The $1 price level remains a key area to watch, as it could act as a psychological support level for traders (Skew Δ, Twitter, February 21, 2025). On-chain metrics, such as the increase in transaction count and active addresses, underscore the market's response to the hack news (CryptoQuant, February 21, 2025, 14:00 UTC to 18:00 UTC; Glassnode, February 21, 2025, 14:00 UTC to 18:00 UTC).
Skew Δ
@52kskewFull time trader & analyst