Following a sharp sell-off triggered by trade tensions, the crypto prices today are attempting to recover, led by Mantle and Bittensor.
Summary
- The total crypto market cap fell from $4.14T on Oct. 10 to $3.65T by Oct. 12, but has since rebounded to $3.92T, led by BTC recovering to over $116,000.
- MNT and TAO are leading today’s recovery, surging 30% in 24 hours as buyers seized dip-buying opportunities created by the crypto market sell-off amid trade tensions.
After dropping roughly 12% from $4.14T on October 10 to $3.65T on Oct. 12 amid trade tensions sparked by Donald Trump’s announcement of 100% tariffs on China, the crypto market has rebounded to $3.92T at press time.
Bitcoin (BTC), which tumbled over 16% from $122,750 to $102,800, has rebounded to over $116,000 at press time, finding local support around $110,000.
Meanwhile, Ethereum (ETH), which lost over 22% from its Oct. 10 open of $4,370 to $3,400, is now trading at $4,242, with new local support established around $3,700.
However, stealing the spotlight today are Mantle (MNT) and Bittensor (TAO), with both crypto prices up roughly 30% over the past 24 hours, as buyers capitalize on dip opportunities amid market tensions.
MNT price technical analysis
Trade tensions dragged MNT’s price down from around the $2.30-$2.40 level, where it was trading on Oct. 10, to a low near $1.20. The sharp sell-off briefly broke below the ascending trendline of the prevailing uptrend, but strong buying interest at that level quickly pushed the price back above $2.
Despite the intraday dip to $1.20 on Oct. 10, MNT price managed to close the day above the long-term ascending trendline, indicating that the uptrend remains structurally intact. This level also aligns closely with the 0.618 Fibonacci retracement level (~$1.50), providing a strong confluence of technical support.
Local support is now established around the $1.90–$2.00 zone, which coincides with the 20-day SMA and the 0.382 Fibonacci retracement level. On the upside, immediate resistance lies at $2.50, followed by the $2.70–$2.90 range, which marks the recent swing high and a key breakout area to watch.
TAO price technical analysis
TAO price crashed even harder on Oct. 10, reaching an intraday low of $140, which marked a 60% decline from the day’s open at $347 and an intraday volatility of 75%.
However, Bittensor price managed to reclaim horizontal support around $290 by the day’s close. After bouncing from this level, the price surged to nearly test the descending trendline resistance near $430. TAO is currently trading at $420, edging closer to that resistance.
A daily close above the trendline with follow-through could pave the way to $460, the next resistance based on a previous trendline touch, and potentially $490, where the trendline began at the top of the April-May rally.
