MANTRA (OM) saw a remarkable surge of over 100% in just one week, breaking through the $0.30 resistance level. Currently, it is consolidating its gains and setting its sights on another potential rally.
Following a bullish breakout above the $0.1920 resistance zone, MANTRA (OM) experienced a surge in buying momentum, leading to a sustained rally. The price of OM surged over 100% and surpassed several significant barriers, including $0.225 and $0.300. Impressively, it outperformed major cryptocurrencies like Bitcoin, Solana, and Ethereum. Furthermore, OM even spiked above the $0.350 resistance level.
MANTRA (OM) Consolidates Gains, Eyes Further Upside
Following a peak near $0.3501, the price of MANTRA (OM) is now in a consolidation phase after making significant gains. Fundamentally, the cryptocurrency is garnering support from the crypto community, buoyed by Co-Founder & CEO JP Mullin’s ambitious plans for expansion, including ventures in Dubai and enticing bonuses for OM migration to Cosmos.
🧑💻 Tune in as our Co-Founder & CEO, @jp_mullin888, talks about the latest upgrades and enhancements to the $OM token utility, outlining the critical steps forward for $OM's integration into the #MANTRA ecosystem!
▶️ Catch the full session here: https://t.co/0PlLqySwJo #RWA pic.twitter.com/vLfjVvhnOw
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) February 10, 2024
On the 4-hour chart, OM price has entered a short-term consolidation period, finding support near $0.2550 after a drop. It appears to be forming a support base for a potential upward movement above the 50% Fibonacci retracement level of the recent downside correction.
MANTRA is trading above the 50 simple moving average on the 4-hour chart, indicating a bullish trend. A bullish continuation pattern is emerging with support around $0.2780. However, resistance is expected near $0.3275 and the triangle trend line, close to the 76.4% Fibonacci retracement level.
Mantra price 4-hour chart | Source: OM/USD on TradingView.com
A successful breakout above the triangle resistance could trigger another rally, with the next major resistance near $0.350. If the bulls manage to push the price above this level, OM could see another surge of 20%-25%. However, the $0.50 zone may pose a significant hurdle, potentially marking a point of resistance for the current bullish trend.
MANTRA (OM) Price Analysis: Key Support and Resistance Levels
In terms of support levels, the first notable support is observed around $0.2950, followed by a key support zone near the triangle trend line at $0.2780. The primary uptrend support is situated near the curve zone or $0.2550. A daily close below this support could potentially lead to a significant decline, with the price possibly plummeting towards the $0.1920 support zone.
Overall, OM’s price is currently surging above the $0.2550 pivot level. In the event of a pullback, the bulls are expected to show strength around the $0.2780 and $0.2550 levels. On the upside, the primary target for the bulls appears to be the $0.50 level, indicating a bullish sentiment prevailing in the market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
