Analysts highlighted the token that reached a historic high in a day

The value of the Mantle cryptocurrency (MNT) has been growing without significant fluctuations since October 2023. However, yesterday the token managed to reach a new historical high.

Since October 18, 2023, the price of MNT has been on an upward trend. The growth caused a breakout from the previous all-time high of $ 0.53 in December. After some consolidation, MNT began another upward movement on December 18. On January 8, 2024, altcoin accelerated its growth rate, reaching a new all-time high of $ 0.80.

Technical analysis of the six-hour timeframe shows that the MNT price will continue to rise. This is due to the number of waves. Elliott Wave Theory involves analyzing repeating long-term price patterns and investor psychology to determine the direction of a trend.

Most likely, MNT is on the third wave of a five-wave growth. Corrections at this level are a sign of strength and often lead to significant upward movements. If the first and third waves are correlated, the price could reach a high of $ 0.93, which is 17% higher than the current price.