The Mantle (MNT) price has jumped around 10%, and this has immediately caught the attention of traders as fresh speculations have emerged regarding the possibility of the two major crypto exchanges coming into an investment partnership.
The speculations have emerged after crypto journalist Colin Wu stated that the two crypto exchanges, i.e., Coinbase and Bybit, are in discussions regarding the possibility of coming into a partnership.
Even if the news regarding the collaboration has been limited, the mere possibility has been enough to attract the attention of the crypto market once again.
If the talks between the two parties prove to be positive, the partnership can potentially help Bybit strengthen its presence in the United States through a more compliant regulatory system, which has become increasingly important for crypto exchanges globally as they look to enter the markets of the United States and other countries that have highly regulated systems in the crypto sector.
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However, these rumors have gained traction very fast in the crypto space due to the fact that a Coinbase and Bybit partnership would be a huge move.
Coinbase has been aggressively expanding its derivatives arm after acquiring Deribit, a move that will see it pay $2.9 billion. This shows that Coinbase is planning to be a major player in the crypto derivatives space.
The development has been likened to the time when Intercontinental Exchange invested in OKX during the company’s expansion drive, which valued the exchange at around $25 billion.
Although the Mantle ecosystem has not been directly linked to the development, it appears the rumors have given the token a new lease of life.
Here’s What The Mantle Chart Is Showing
From the chart, it is evident that the MNT price experienced a breakout rally, where the price rose sharply before the start of the consolidation phase. The price has a series of higher lows, implying that the price has been consistently supported by buyers.
Nevertheless, the rally eventually faced some resistance at the $0.81 level, which is prominently identified on the price chart as a supply region.
The price has been touching the region a number of times but has failed to go beyond it. This has caused a brief correction and a minor bearish trend as the traders are booking their profits.
The MNT price is still trading above the previous breakout levels. This may be an indication of the market just taking a breather after the sharp uptrend.
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What Happens if Mantle Price Breaks $0.81?
If buying pressure returns, it is likely that the $0.81 price point will again be a key price level to watch. This is because it will be a breakout point that will encourage another round of buying pressure as traders attempt to move to higher liquidity points above the previous highs.
In terms of support, it is clear that a support zone is developing at $0.77 and $0.78, which has been a price point that price has reacted to multiple times. Holding above this point will be key to maintaining the bullish structure.
For now, however, it seems that the movement in Mantle (MNT) is more a result of market speculation and sentiment.
If we are to believe rumors of discussions between Coinbase and Bybit leading to a partnership, then we might see more volatility, potentially to more upside, to keep an eye on.
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