MNT Plunges 10% as Bybit Hack Shakes Investor Confidence

Mantle (MNT) Drops 10% After Bybit Hack Shakes Investor Confidence

Mantle (MNT) has experienced a 10% drop following the Bybit hack, where approximately $174 million of cmETH – a Mantle-based coin providing liquidity for ETH in the MNT ecosystem – was stolen. The hack, linked to the North Korean Lazarus Group, triggered panic selling, causing MNT’s Relative Strength Index (RSI) to plummet to oversold levels.

Although MNT’s RSI has since rebounded to 39.9, it remains in bearish territory, reflecting cautious sentiment. Additionally, MNT’s Chaikin Money Flow (CMF) is trying to recover but is still deeply negative, while its Exponential Moving Average (EMA) lines suggest persistent downward momentum.

MNT RSI Touched Strong Oversold Levels After Bybit’s Hack

Mantle’s RSI dropped sharply from 54.7 to 22.9 within a few hours following the Bybit hack, where the North Korean hacking group Lazarus stole $1.5 billion, making it the biggest crypto hack ever. Among the assets stolen was cmETH, a Mantle-based coin providing liquidity for ETH in the MNT ecosystem.

This massive outflow of funds triggered panic selling, leading to a significant decline in MNT’s Relative Strength Index (RSI). RSI is a momentum oscillator that measures the speed and change of price movements, typically ranging from 0 to 100. It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought conditions and below 30 suggesting oversold territory. Mantle’s RSI plummeting to 22.9 signaled extreme overselling, reflecting intense bearish sentiment amid the fallout from the hack.

Following this sharp decline, Mantle’s RSI has rebounded to 39.9, showing signs of recovery in the last few hours. An RSI below 30 generally indicates that an asset is oversold and could be due for a price bounce as selling pressure wanes. Now, with RSI approaching the neutral zone (30-50 range), it suggests that the extreme selling momentum has eased, potentially attracting bargain-hunters or bottom-fish