After a short correction, OM recently found support and started to show signs of strength. It has formed a new bullish pattern on the daily chart and is now looking ready to claim a new high.
Mantra’s native token remains extremely bullish on the macro-outlook following an over 55x increase since the price picked up from $0.1 in 2023. However, it recently corrected lower, but has found a solid ground above the $6 level this month.
Establishing support above this mentioned level, it formed a double-bottom pattern and appeared set to resume a bullish rally. A flip above last week’s high should fuel another major gain, and from the look of this, it may reach a new psychological high of $10 anytime soon.
Even though is yet to show signs of bearishness, it is noteworthy to say that the trend is reaching an overbought condition in the long term, though there’s still room for a rally on the short-term scale. A big crash might be lurking around as the daily volume indicator keeps fading off.
A break below last December’s low will signal a momentum shift, which may come with a swing low movement in the form of a lower low and lower high pattern. But for now, the swing high remains intact, as we can see on the daily chart.
Aside from being the overall performer among the Real-World Assets tokens in terms of gain, it is considered one of the best-performing altcoins during the bull season. Looking back, it has produced an explosive return of investment (ROI) in the past year.
OM’s Key Levels to Watch
Source: Tradingview
OM looks set to flip through $7.1 to retake the $8.23 and $9.17 resistance levels. A break there should rally us to a new high of $10 or beyond.
Invalidating the latest bullish signal with a crack below the base support of $6, the next potential level to consider for a drop would be $5.27, along with the $4.4 level in the future.
Key Resistance Levels: $8.23, $9.17, $10
Key Support Levels: $6, $5.27, $4.4
- Spot Price: $6.7
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
