Mantle – Examining if MNT’s December strength can survive market fear

Mantle was one of the handful of tokens in the top 50 crypto assets that had a positive performance over the past week. MNT was up 9.13% in a week and 1.37% in 24 hours.At the same time, the daily trading volume fell by 13%. This was likely due to the uncertainty around Bitcoin as the leading crypto asset fell to the $85.7k area on Monday and struggled to recover.Mantle [MNT] has outperformed Bitcoin (down 5.55% in a week), but is this a sustainable trend? AMBCrypto looked into the price charts to find out.Solving the Mantle trader dilemmaSource: MNT/USDT on TradingViewThe daily chart’s technical indicators were encouraging. The DMI showed a strong uptrend in progress, with both its ADX (yellow) and +DI (green) above 20.The CMF had also been above +0.05 over the past week to show sizeable capital inflows, though this has slowed down a bit.Structure-wise, MNT bulls had reason to be hopeful.While the $1.375 swing high remained unbeaten, the internal structure has shifted bullishly. This could set up a breakout.Source: MNT/USDT on TradingViewThe 1-hour chart also showed a bullish structure. Mantle has slowed down after its rally from the 5th to the 13th of December, and found support at the $1.24 area. The DMI showed a strong trend was not in place.The CMF’s -0.08 reading indicated elevated selling pressure in this lower timeframe.Putting the clues togetherThis situation is not easy to resolve. There is market-wide fear and a wobbly Bitcoin [BTC], and MNT is trending in December.The swing structure was not yet bullish, with $1.375 being a key resistance. Until it is breached, bears have reason to maintain their bias.Traders’ call to action – MNT traders need to wait for THIS…The daily timeframe showed steady capital inflows and a bullish shift in December for the altcoin. Bitcoin might climb toward $94k to hunt the liquidity built up there, which could boost short-term MNT sentiment.Both the bullish and bearish arguments have weight. Based solely on MNT’s price action across timeframes, the bullish scenario is more likely.A breakout past $1.375 and a subsequent retest as support would offer a buying opportunity.Traders need to have clear invalidations before looking to go long. For example, a drop below $1.21-$1.23 would spell trouble for the bulls in the short term.Final ThoughtsMantle has been one of the few top 25 crypto assets to have performed bullishly over the past week.It was approaching a key swing high resistance, and market-wide sentiment did not seem to favor the bulls now.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion