Mantra (OM) price reaches all-time high – what's next?
(note: the post contains data by CCN)
The OM price has increased swiftly since the start of a month and reached a new all-time high price of $1.09 today, on June 10. The high is a culmination of an even more substantial increase going on since the start of the year.
Despite the rally being completely parabolic, the price action is still bullish. This is clear by the breakout from a symmetrical triangle and the reclaim of the $0.90 horizontal area. The latter led to the creation of a long lower wick.
Moreover, the RSI and MACD are both still bullish. The indicators are increasing and neither has generated any bearish divergence yet. So, the daily time frame price action and indicator readings suggest the upward trend will continue.
The symmetrical triangle existing since March is indicative of a wave four. So, the count suggests the OM price has started the fifth and final wave of its upward movement.
The first potential target for a top is at $1.14. The 1.61 external Fibonacci retracement of wave four creates his target. The second target is at $1.45. Since the OM price has nearly reached the first target and there are no signs of weakness in place, it is possible OM will continue increasing toward $1.45.
Despite the bullish OM price prediction, a close below the $0.90 horizontal area will mean the upward movement has ended. In that case, a lengthy correction toward at least $0.55 will be likely.
