Rising by 1600% in ninety days, Mantra OM tapped a new all time-high this week and continued to show signs of strength. While the trend remains highly bullish, the price appeared overstretched as selling lurks around.
Amid recent market uncertainty, OM defied the odds and continued to surge after locating support above $0.89 this month. The price broke higher yesterday and marked a new high at around $1.046.
Due to a slight rejection, the price is now trading briefly under the $1 mark after retesting March’s resistance as support. More surge is likely to surface in the coming days if the demand level continues to rise.
From a technical standpoint, the price looks due for a major correction following several key supports left behind during this cycle. If that happens, we can expect the price to revisit those key supports.
Another thing to pay close attention to is the daily volume indicator, which has been declining since February. We may see a shift in the market structure soon as the steady volume outflow suggests a potential drop.
As the Real World Asset (RWA) industry continued to gain traction, OM saw most gains in the last 7 days as it remained strong on the daily chart.
Based on Coingecko data, OM is currently the second best-performing RWA token with a market cap worth of $786 million. It has registered a staggering 2600% gain in a year so far.
OM Key Levels to Watch
Above yesterday’s high, the potential surge level to consider as resistance is $1.2, followed by $1.5.
Now that the price looks overstretched on a monthly scale, we may see a pullback to the $0.85 and $0.75 support. A drop below the monthly low could trigger a breakdown to $0.4.
Key Resistance Levels: $1.046, $1.2, $1.5
Key Support Levels: $0.95, $0.85, $0.75
- Spot Price: $0.973
- 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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