Mantle (MNT) has fallen more than 10 per cent following the Bybit hack. Hackers stole approximately $174 million of cmETH, a Mantle-based token that provides liquidity for ETH in the MNT ecosystem. The attack, attributed to North Korea's Lazarus Group, sparked widespread panic selling.
Technical indicators reflect this market anxiety. MNT's Relative Strength Index plummeted to oversold territory. Though it has since recovered to 39.9, the figure remains in bearish range, signaling continued investor caution.
MNT's Chaikin Money Flow indicator also suffered a severe decline. The metric plunged into deeply negative territory, reaching -0.35 yesterday. This indicates substantial capital outflows from the asset. The CMF has begun a modest recovery to -0.24, yet remains significantly below the zero threshold that would indicate buying pressure.
The security breach represents the largest cryptocurrency hack in history. The Lazarus Group allegedly stole $1.5 billion in total from Bybit. MNT's RSI collapsed from 54.7 to 22.9 within hours of the attack. RSI values below 30 typically suggest oversold conditions that might attract bargain-seeking investors.
The token's chart pattern shows all short-term Exponential Moving Averages now positioned below long-term EMAs. This configuration typically signals continued downward momentum. MNT broke below $1 for the first time since February, testing multi-month support levels.
If selling pressure persists, analysts identify $0.81 as the next key support level. Conversely, any recovery would first encounter resistance at $0.98, followed by $1.08.
A significant trend reversal would require MNT to climb toward $1.31, representing a potential 41 per cent gain from current levels. Such a move would necessitate short-term EMAs crossing above their long-term counterparts, typically considered a bullish technical signal. For now, market sentiment remains dominated by uncertainty following the hack.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.