It might sound strange, but Mantra’s OM chart is one of the most bullish ones right now in crypto.
On what’s otherwise a quiet day in the crypto market, the OM price surged 10% today, making it one of the top gainers among the top 100 coins by market cap. The current price sits just slightly below $1.4.
So, why do I say that the OM chart is bullish? Looking at the OM/USDT chart, we can see that this coin has been trading in a long-term ascending channel since the beginning of this year.
On the OM chart, we marked this channel with green lines. Just two weeks ago, the OM price reached an all-time high (ATH) of $1.62, and at current levels, it’s trading around 14% below this peak. Importantly, it’s still maintaining its position inside the channel.
Source: TradingView
The $0.98 level represents the strongest support area, as this price point aligns with both the downside of the channel and the 200-day moving average.
Meanwhile, $1.62 now serves as strong resistance, coinciding with the ATH range, while another resistance level sits around $1.8, in line with the upper side of the channel.
Given the strong technical setup and current market conditions, the OM price could potentially retest its ATH levels if the overall crypto market remains stable.
Read also: Onchain Data Shows How Trader Flips $1,700 into $800k on This Solana Token
Whale Activity Signals Strong Interest
In a notable development, a sophisticated trader has recently resumed accumulating OM after a seven-month break. The trader, identified by the wallet address 0xd1c, withdrew 2.71 million OM (worth approximately $3.8 million) from Binance through three separate transactions just hours ago.
A smart trader resumed accumulating $OM after 7 months.Whale 0xd1c withdrew 2.71M $OM ($3.8M) from Binance via three transactions two hours ago.The last similar action was seven months ago when it withdrew 12.3M $OM from Binance and staked it all.He has an unrealized profit… pic.twitter.com/s2ba1brjIU
— Spot On Chain (@spotonchain) October 28, 2024
This mirrors their activity from seven months prior, when they withdrew 12.3 million OM from Binance and proceeded to stake the entire amount. This strategy has proved particularly successful, as they’re currently sitting on an unrealized profit of $15 million from just seven months of holding.
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