MANTRA (OM) saw a remarkable surge of over 100% in just one week, breaking through the $0.30 resistance level. Currently, it is consolidating its gains and setting its sights on another potential rally.
Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com
Following a bullish breakout above the $0.1920 resistance zone, MANTRA (OM) experienced a surge in buying momentum, leading to a sustained rally. The price of OM surged over 100% and surpassed several significant barriers, including $0.225 and $0.300. Impressively, it outperformed major cryptocurrencies like Bitcoin, Solana, and Ethereum. Furthermore, OM even spiked above the $0.350 resistance level.
MANTRA (OM) Consolidates Gains, Eyes Further Upside
Following a peak near $0.3501, the price of MANTRA (OM) is now in a consolidation phase after making significant gains. Fundamentally, the cryptocurrency is garnering support from the crypto community, buoyed by Co-Founder & CEO JP Mullin’s ambitious plans for expansion, including ventures in Dubai and enticing bonuses for OM migration to Cosmos.
On the 4-hour chart, OM price has entered a short-term consolidation period, finding support near $0.2550 after a drop. It appears to be forming a support base for a potential upward movement above the 50% Fibonacci retracement level of the recent downside correction.
MANTRA is trading above the 50 simple moving average on the 4-hour chart, indicating a bullish trend. A bullish continuation pattern is emerging with support around $0.2780. However, resistance is expected near $0.3275 and the triangle trend line, close to the 76.4% Fibonacci retracement level.
Mantra price 4-hour chart | Source: OM/USD on TradingView.com
Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com
A successful breakout above the triangle resistance could trigger another rally, with the next major resistance near $0.350. If the bulls manage to push the price above this level, OM could see another surge of 20%-25%. However, the $0.50 zone may pose a significant hurdle, potentially marking a point of resistance for the current bullish trend.
MANTRA (OM) Price Analysis: Key Support and Resistance Levels
In terms of support levels, the first notable support is observed around $0.2950, followed by a key support zone near the triangle trend line at $0.2780. The primary uptrend support is situated near the curve zone or $0.2550. A daily close below this support could potentially lead to a significant decline, with the price possibly plummeting towards the $0.1920 support zone.
Overall, OM’s price is currently surging above the $0.2550 pivot level. In the event of a pullback, the bulls are expected to show strength around the $0.2780 and $0.2550 levels. On the upside, the primary target for the bulls appears to be the $0.50 level, indicating a bullish sentiment prevailing in the market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
