ByBit Hack: Mantle (MNT) Loses 10% of Market Cap

The recent ByBit hack, in which approximately $1.4 billion was stolen, is having a major impact on the crypto sector. The attack led to Mantle (MNT) losing 10 per cent of its value due to the theft of $174 million in cmETH, a cryptocurrency based on Mantle.
So far, investigations have traced the hack to the North Korean group Lazarus, triggering a wave of impulse selling in the community.

Mantle Indicators: Uncertain Future

After the hack, Mantle's RSI dropped from 54.7 to 22.9, signalling strong selling pressure. The RSI (Relative Strength Index) is an oscillator that measures the speed and intensity of price changes, indicating overbought conditions above 70 and oversold conditions below 30.

Although the RSI has recovered to 39.9, the trend remains bearish. The current value is in the neutral zone (30-50), suggesting that the extreme selling pressure is easing. This could attract investors looking for bargains at discounted prices. If the RSI continues to rise, it could signal a bullish reversal and a possible recovery in Mantle's price.

However, if the RSI does not cross the 50 threshold, it could indicate persistent weakness in buying, leading $MNT to further declines.

As for Mantle's CMF (Chaikin Money Flow), it is attempting to climb back up from the negative zone. The CMF was already falling before the hack and, after the hack, fell further to -0.35, signalling large capital outflows and confirming significant selling pressure. Although the value improved slightly to -0.27, it remains far from the positive area, indicating that the selling pressure is easing only gradually.

Exponential moving averages (EMAs) indicate a steady bearish trend, with the short-term lines below the long-term ones, signalling weakness in recent prices compared to historical trends.

If the bearish trend continues, the token could reach support at $0.81. On the other hand, if the price starts to recover, it could test resistance at $0.98. Should it break through this level, the next target would be $1.08.

The hack caused major upheavals in the crypto sector. While Mantle (MNT) suffered a drop, Pi Network saw a surge in price, suggesting its community's involvement in the attack. However, investigations confirmed that the stolen funds were intercepted by a North Korean group.