The cryptocurrency market is experiencing renewed vigor as altcoins gain traction, driven in part by a decline in Bitcoin dominance from 61.53% to 57.38%. Within this bullish environment, Mantra ($OM ), a prominent player in the Real-World Assets (RWA) sector, is drawing significant attention. After a week of consolidation, OM appears to be on the cusp of a critical breakout.
Bullish Momentum for Mantra (OM)
Mantra (OM) has emerged as a strong performer in recent weeks, with its rally beginning on November 14 at $1.44. This initial breakout sparked a parabolic upward movement, culminating in an all-time high (ATH) of $4.53—an extraordinary 200% gain from the breakout level.
Following this meteoric rise, $OM entered a correction phase, retreating to a low of $3.36. Despite the pullback, OM has shown resilience, stabilizing around the $3.45 mark and maintaining its upward potential.
Symmetrical Triangle Formation: Key to the Next Move
Since reaching its ATH of $4.53, OM's price action has consolidated into a symmetrical triangle—a classic continuation pattern. Currently trading at $3.58, the token is testing the upper boundary of this formation, suggesting a pivotal moment.
A confirmed breakout above the triangle's resistance could signal the start of another major rally. The immediate target remains the ATH of $4.53, approximately 26% above the current price. Surpassing this level would mark a new record high, potentially opening the door to further gains.
Technical indicators support this bullish outlook. The Relative Strength Index (RSI) remains in a healthy range, indicating room for upward momentum. Additionally, OM's price has stayed above both the 50-day and 100-day Exponential Moving Averages (EMA), reinforcing the bullish narrative.
What’s Next for OM?
Mantra (OM) is well-positioned for a potential breakout, with the symmetrical triangle pattern tightening and bullish sentiment building. A confirmed breakout above the $3.64 resistance level could pave the way for a retest of the $4.53 ATH.
Should this level be breached, OM may establish a new all-time high, setting the stage for continued upward movement. Traders are advised to closely monitor for confirmation of the breakout before making significant investment decisions.
Mantra’s strong technical position and market dynamics suggest that it could soon achieve new heights, making it a key token to watch in the evolving altcoin rally.
