Well, folks, it seems our dear friend Mantle (MNT) has taken a nosedive of over 10% after the Bybit hack, where a staggering $174 million of cmETHāyes, thatās a Mantle-based coin thatās supposed to keep the ETH waters calmāwas spirited away. The culprits? None other than the infamous North Korean Lazarus Group, who seem to have a knack for turning digital wallets into empty pockets. Panic selling ensued, and MNTās Relative Strength Index (RSI) plummeted faster than a cat in a bathtub. š±š¦
Now, while MNTās RSI has managed to claw its way back to 39.9, itās still lounging in the bearish territory, like a grumpy cat on a rainy day. The Chaikin Money Flow (CMF) is attempting a comeback but is still as negative as a pessimistic parrot, while the Exponential Moving Average (EMA) lines are waving goodbye to any upward momentum.
MNT RSI Took a Dive After Bybitās HackāAnd Not the Fun Kind!
In a matter of hours, Mantleās RSI took a sharp plunge from 54.7 to 22.9, all thanks to the Bybit hack, where the Lazarus gang made off with a cool $1.5 billionāyes, you heard that right, billion! Among the loot was cmETH, the very coin meant to keep the MNT ecosystem afloat. Talk about a sinking ship! š¢š
This massive outflow of funds sent investors into a frenzy, leading to a significant decline in MNTās RSI. For those unacquainted, RSI is a momentum oscillator that measures the speed and change of price movements, typically ranging from 0 to 100. Itās like a mood ring for stocksāvalues above 70 mean itās feeling overbought, while below 30 suggests itās in the dumps. With an RSI of 22.9, Mantle was practically begging for a hug amid the hackās fallout.
After this dramatic plunge, Mantleās RSI has perked up to 39.9, showing signs of life like a zombie in a horror flick. An RSI below 30 usually means an asset is oversold and could be due for a bounce, as selling pressure eases. Now, as RSI inches closer to the neutral zone (30-50 range), it hints that the extreme selling frenzy has calmed down, possibly luring in some bargain-hunters or bottom-fishers. If RSI keeps climbing, we might just see a bullish revival! š
But hold your horses! If RSI canāt break above the 50 mark, it could spell continued uncertainty and a lack of buying strength, leaving MNT as vulnerable as a cat in a dog park.
Mantle CMF Is Trying to Recover, But Itās Still in the Doghouse
MNTās Chaikin Money Flow (CMF) was already in the red before the Bybit debacle, reflecting a bearish trend and selling pressure. But after the hack, MNTās CMF took a nosedive, hitting a negative peak of -0.35 yesterday. Ouch! š¬
CMF measures the volume-weighted average of accumulation and distribution over a set period. It ranges from -1 to 1, with positive values suggesting buying pressure and negative values indicating selling pressure. The sharp drop to -0.35 was like a neon sign flashing āSELL!ā amid the marketās fear and uncertainty.
After hitting rock bottom, MNTās CMF has started to recover, currently sitting at -0.24. While still far from positive, this upward movement suggests that selling pressure is gradually easing, like a bad hangover after a wild night. š¹
A rising CMF, even while negative, can indicate that bearish momentum is losing steam. If buying volume continues to increase, we might just see a price stabilization or even a reversal. But as long as CMF remains in the red, MNTās price is likely to face resistance like a stubborn mule.
A shift to positive CMF would be a more convincing sign of bullish sentiment returning,
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2025-02-22 14:58