Mantra crypto led the surge in the tokenization of RWA (real-world assets) over the weekend. Its native token OM soared approximately 65% on November 17, bringing its weekly gain to an astonishing 194%.
It is worth mentioning that even with such a large triple-digit increase, those holding large amounts of tokens, the "whales" (large holders), still maintain their positions, reflecting their confidence in achieving more gains. So can the subsequent bulls continue to benefit from this?
From the 12-hour chart perspective, the recent upward trend has seen a large-scale market re-entry due to price imbalance (also known as FVG - Fair Value Gap). Theoretically, prices tend to revert to these imbalanced states (represented as yellow areas on the candlestick chart), providing entry opportunities for scalpers.
If this trend continues, traders can pay attention to FVG levels above $3.5 or $2.6. If bullish, target prices can be set at $5.2 or $6. The first scenario could yield a potential return of 30%, while the second long position, when the price pulls back to re-entry levels and moves toward $5.2, could yield nearly 100% returns.
However, the current stochastic RSI indicator is already in the overbought zone, and the OBV (On-Balance Volume) has reached an all-time high. This means that although a price reversal might occur, OM still faces strong buying pressure.
Whale holdings and their impact on price movements
"Whales" holding long positions in OM further supports the bullish view and the previously mentioned long position ideas. It is particularly noteworthy that although OM experienced triple-digit gains over the weekend, the holdings of the "whales" (shown in green bars on the whale vs. retail incremental chart) remain unchanged, indicating that the "whales" are confident in its greater upside potential and have not chosen to take profits early.
If this is the case, Mantra [OM] is very likely to experience an upward trend again, thus validating the previously shared long position ideas.
Additionally, there is a significant liquidity cluster at $4 (displayed in bright yellow on the opposite side of the price action), which may encourage market makers to compete for this liquidity, while also providing a better re-entry opportunity for traders looking to buy.
However, if the price continues to pull back below $2.6, the previously bullish outlook and potential long position ideas may not be realized.
