Mantle (MNT) has witnessed a sharp decline of over 10% in the aftermath of the Bybit hack, where approximately $174 million worth of cmETH – a coin associated with Mantle that provides liquidity for ETH within the MNT ecosystem – was stolen. The hack, connected to the North Korean Lazarus Group, has instigated a wave of panic selling, causing MNT’s Relative Strength Index (RSI) to plummet into oversold territory.

Despite a partial recovery to 39.9, MNT's RSI remains bearish, indicating a cautious market sentiment. Moreover, the Chaikin Money Flow (CMF) for MNT is striving to bounce back but remains deeply negative, while the Exponential Moving Average (EMA) lines suggest a persistent downward trend.

Mantle RSI experienced a significant drop from 54.7 to 22.9 in a brief period post the Bybit incident. The North Korean hacker group, Lazarus, made away with $1.5 billion, marking it as the largest crypto hack to date, with cmETH among the assets compromised. This massive breach led to panic selling and a notable decrease in MNT’s RSI, underscoring extreme overselling conditions and a prevalent bearish sentiment post-hack.

The recent rebound of Mantle’s RSI to 39.9 signals signs of recovery. An RSI below 30 typically denotes an oversold asset ready for a potential price bounce, suggesting a relief in selling pressure. As RSI edges towards the neutral zone (30-50), it hints at a slowdown in the selling momentum, prompting potential interest from value investors. A further rise in RSI could indicate a shift towards bullish momentum and a potential price reversal for MNT.

Simultaneously, MNT's Chaikin Money Flow (CMF) has shown attempts to recover from negative levels post-hack, though it hovers around -0.24. This upward movement, albeit in negative terrain, signals a gradual easing of selling pressure. A positive shift in CMF could signify a resurgence of buying pressure, leading to price stabilization or a potential reversal.

MNT’s Exponential Moving Average (EMA) configuration reflects a strong bearish trend with short-term EMAs positioned below the long-term ones. If this downward momentum persists, MNT might target the $0.81 support level. Conversely, a recovery rally could challenge the $0.98 resistance level, with a further surge potentially testing $1.08.

In a bullish scenario, a significant uptrend could propel MNT towards $1.31, offering a potential 41% upside. However, a reversal in the trend would necessitate short-term EMAs crossing over the long-term EMAs, indicating renewed buying interest.

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