Mantra OM continued to gain traction weekly, sparking a staggering 100% gain overnight as it reached a new milestone. The price looks strong on the daily chart with no signs of slowing down. More positive actions lie ahead.
After taking a small break last weekend, OM pulled back into the $0.15 level as expected and resurged steadily to a new multi-month high of $0.346 today. It has dropped slightly below $0.33 due to a rejection.
Although, it has shown no signs of weakness on the daily chart, and from the look of things, the price may continue to jump weekly. If it repeats the pattern as experienced last week, buying pressure may cool off this weekend.
Technically, the DeFi token looks overstretched as the price reaches an extreme overbought zone on the daily chart. No signs of dropping at the moment.
OM’s parabolic move is nearing an exhaustion point. If the bears intercept the rally, a drop below the $0.3 level could activate retracement. But as it stands now, the bulls are fully gaining control.
So far, its performance over the past months has been somewhat impressive following over 11x increase in four months. A broader correction should be expected as soon as it reaches an exhaustion point on the daily chart.
OM Key Levels to Watch
An increase above the current daily high could allow more buying to $0.40. Higher resistance levels to consider above this level are $0.45 and $0.5.
The key support level for a pullback lies at $0.3. If this key support fails to provide a rebound, we can expect a retracement to $0.24. Lower support levels to watch for a broad retracement are $0.191 and $0.15.
Key Resistance Levels: $0.346, $0.4, $0.45
Key Support Levels: $0.30, $0.24, $0.191
- Spot Price: $0.329
- 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.
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