The post Mantle (MNT) Faces Uncertainty Post-Bybit Hack as RSI Shows Signs of Potential Recovery appeared on BitcoinEthereumNews.com.

Mantle (MNT) sees a decline of more than 10% in the wake of a significant hack on the Bybit exchange, raising alarms across the crypto community. The incident, linked to the infamous North Korean Lazarus Group, results in severe selling pressure on MNT, catalyzing noteworthy fluctuations in trading metrics. A recent COINOTAG report noted that the hack’s fallout has led to heightened scrutiny on liquidity pools and security measures within ecosystems like Mantle. Following a significant hack, Mantle (MNT) faces a steep decline, with critical metrics showing bearish sentiments and potential support at $0.81. MNT RSI Plummets & Triggers Market Reactions Post-Bybit Hack The recent hack on Bybit, linked to the notorious Lazarus Group, resulted in the loss of around $174 million, primarily in the form of cmETH, a liquidity provider for ETH in the MNT ecosystem. Mantle’s RSI witnessed a dramatic drop, spiraling from 54.7 to a low of 22.9 in mere hours after the incident. This drastic decline not only indicates an extreme oversold condition but also reflects an underlying bearish sentiment gripping the market. Market analysts note that a Relative Strength Index (RSI) reading below 30 signals severe overselling, and Mantle’s rapid descent emphasized the panic among traders. In the aftermath, there has been a notable rebound in RSI to 39.9, hinting at a potential recovery, although it still remains in bearish territory. Market sentiment continues to be cautious, as the potential for further downside risk looms, based on the RSI’s performance. Despite a slight recovery, traders are hesitant, as the threat of renewed selling pressure remains if buying momentum doesn’t pick up significantly. The immediate outlook focuses on whether the RSI can maintain momentum toward a neutral zone between 30 and 50, which could indicate an easing of bearish pressures. Chaikin Money Flow (CMF) Indicates Lingering…

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Filed under: News - @ February 22, 2025 11:27 am