Worldcoin, Mantle Display Strong Rally Even As Ethereum Altcoins Still Struggle

While Ethereum altcoins haven’t been able to sustain their momentum recently, Mantle (MNT) and Worldcoin (WLD) are emerging among the top gainers despite the network’s token downturn.

According to cryptocurrency analyst Michael van de Poppe, Ethereum-linked altcoins are struggling to get through this period.

He states that Ethereum is recovering significantly to a huge mark of 0.04 BTC. However, he states that its ecosystem is still under pressure.

The altcoins, however, are still ‘too far’ drawn into projecting Ethereum’s recent ups and downs. He continues that this means that for the altcoins to recover, it may take more than an upswing in the value of Ethereum itself.

Also, within the broader market, Ethereum’s recovery has not attracted commensurate strength from the altcoins.

The lag is concerning regarding whether Ethereum altcoins will be viable and if they can respond to market recovery at all.

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This highlights the intricacies of token interdependency and investor sentiment throughout the blockchain space.

Mantle and Worldcoin are striking a sharp contrast to the broader Ethereum altcoin market. Related, Mantle’s market price has risen by 6% over the recent period, and Worldcoin has jumped a considerable 9%.

These gains are what many investors want to see kickstart ‘alt season,’ a time when dynamically changing altcoins’ prices not directly linked to the rise and fall of Bitcoin and Ethereum accelerate.

Mantle’s Market Performance

At the current trading price of $1.14, Mantle has also experienced great growth in its market cap and trading volume.

The total supply of MNT is 6.22 billion tokens, which makes up for the cryptocurrency; the circulating tokens are 3.37 billion out of the total supply.

Noteworthy is Mantle’s recent migration from BitDAO. It had contributed significantly as a 1 basis impact on its market dynamic.

This could be viewed as pumping up investor confidence and cashing up Mantle to keep it climbing.

An in-depth chart analysis of Mantle Network’s price action on the 3-hour chart reveals a robust uptrend of higher highs and higher lows.

The price recently entered a consolidation phase, which could be a bullish channel pattern. You usually see this pattern as a continuation pattern.

This pattern suggests an upward-run breakout should the trend continue.

The reading of the Volume Oscillator shows a marked decrease in volume, indicating a decrease in the trading volume at -9.81%.

The consolidation phase can be an indicator of a possible accumulation before a price breakout, wherein you will have reduced volume during the consolidation.

But traders should stash for an upsurge in volume as a confirming signal of a continuing bullish trend.

Worldcoin’s Market Performance

In addition, Worldcoin has been popping off recently with a current price of $3.92 and a huge jump in trading volume up 55.30%. A total of 10 billion coins are in supply, with a market cap of $2.89 billion.

Such performance of Worldcoin shows the bullish market sentiment and faith investors have in Worldcoin’s future prospects and the underlying technology.

Worldcoin’s 4-hour chart shows super bullish momentum, with prices making new highs almost every 4 hours.

With recent price action, all three Simple Moving Averages (50-SMA, 100-SMA, and 200-SMA) are sloping up, suggesting bullish sentiment in the market.

The bullish momentum is supported by the fact that the Moving Average Convergence Divergence (MACD) is above zero.

The Money Flow Index (MFI), however, is nearing the overbought territory and currently stands at 70.20.

Thus, if the MFI continues to rise and reach levels even closer to the overbought zone, it could be time to take profit or for a pullback or consolidation.