The crypto market dipped briefly yesterday when the BTC price plunged below $59k. However, during early Friday hours, the market recovered and Bitcoin is now back up above $60.5k.
Some altcoins are pumping, and among top crypto gainers today is MANTRA’s OM. The OM price pumped 8% today and 12% this week, which means it’s now trading around $1.42.
Trader “CryptoRodo” tweeted via X, formerly Twitter, that despite the market dips, MANTRA’s OM is pumping.
OM’s Impressive Price Action
Since late September, OM has experienced a steady upward movement. The price was at a local low around $1.06 and has been on a strong uptrend ever since. It’s currently trading at $1.426, a significant rise from its September levels. The upward momentum is quite strong, as indicated by the steep incline of the recent price action.
The chart shows two purple trendlines forming a rising channel. The lower trendline acts as support, guiding the price upwards, while the upper trendline serves as resistance. The price recently touched the upper boundary of the rising channel and has slightly retraced to the $1.42 range, suggesting that the price is respecting the channel’s boundaries for now.
Several key support and resistance zones are highlighted on the chart. The $1.4113 level is a resistance zone just above the current price. Key support levels include $1.2807 (coinciding with the 50-day EMA), $1.1643, $1.0635, and $0.8928.
Read also: Ripple Strikes Back: Cross-Appeal Filed Against SEC Ruling
Technical Indicators
The chart includes several EMA levels (20/50/100/200). The price is currently above all EMAs, indicating a healthy uptrend. The 20-day EMA is around $1.28, the 50-day EMA at $1.16, the 100-day EMA at $1.06, and the 200-day EMA further down at $0.8928.
The RSI is at 74.39, which is in the overbought zone. This suggests that the asset may be overbought in the short term and could experience a pullback or consolidation to cool off the RSI.
CryptoRodo’s tweet, “Market dips they say… Meanwhile… $OM,” highlights OM’s relative strength while other parts of the market are seeing dips or corrections.
One of the reasons why the OM price might be pumping is the fact that Binance put this project as one of the leading RWA coins in their recent research.
Alternative Crypto Investment: PandaWorld (PADW)
PandaWorld (PADW) is a new entrant in the meme coin market, currently in the ongoing presale phase. It introduces a profit-sharing model that allows users to earn passive income. Revenue generated from various activities within its ecosystem, such as play-to-earn (P2E) games and content creation, is pooled and distributed among users who stake their PADW tokens.
Users can stake their tokens to receive a share of this revenue, promoting engagement and investment in the platform. The project has many other utility plans, and launch is expected before 2024 ends. Until then, you can buy PADW tokens only through the official presale website.
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