Mantra has witnessed a strong bullish week with technicals on the buy side. In terms of market cap, it ranks 76th in the top 100 global crypto list. Its market cap amounts to $796.981 Million, and its volume amounts to $19.952 Million (press time). Volatility hasn’t shown a significant spike.
Volatility is weak, indicating that bulls have the upper hand. Thus, it may assist OM price to rise further.
Derivatives data shows that 7.71% more contracts are open with a total OI of $29.82 Million, where its derivatives volume amounts to $101.50 Million. Liquidation data shows fewer longs and more shorts at $63.35K.
Can OM Amaze the Community by Going Beyond $1 Mark?
OM had a remarkable start in its journey in 2024 after a prolonged flat price action in 2023. It delivered a 3100% spike from $0.0324 to $1.044 by April 11th, 2024, in which the primary impulse from buyers was seen from the $0.2170 level in the run.
The earlier run was backed by prominent high Volume Profile (VPs) levels like $0.0324, $0.217, $0.677, and $0.713, these levels were formed as they had a massive pump of volume in the market.
OM plunged alongside BTC, dipped to $0.60, and where candles closed at $0.65, which seemed close to the high volume-based levels.
Moreover, after consolidating near the high volume support levels of $0.67 and $0.71 VPs for a while, the price got a boost on May 30th towards the peak of $1.101 by June 10th, 2024. However, corresponding to BTC, Mantra deteriorated and returned to the $0.67 to $0.71 zone by June 2024.
It showed that the volume profile levels indeed held onto the OM. Despite BTC declining on June 18th, 2024, OM displayed a bullish rise.
BTC struggled to rise past the 200-day EMA, yet, OM surged 45% from the significant support on June 24th and rose higher by defeating another high volume-based resistance of $0.909 on the daily chart.
OM Price Forecast, Indicators Viewpoints!
At press time, Mantra was trading 3.17% higher and was approaching to retest ATH of $1.10. If it crosses the ATH, the door would be open to more possibilities. However, to go down, the bears need to pass $0.909 support and, once breached, would require extra pressure to move past the high volume support zone of $0.713 and $0.677, respectively.
The indicators are bullish, and the 200-day and 50-day EMA bands support the OM price. While MACD made a robust bullish cross with broad histogram width at 0.02309, and RSI flashed at 62.89 after taking a jump from 14-SMA.
OM has had a bullish week, with technical indicators suggesting further price increases. The price action suggests OM could surpass its all-time high of $1.10.
The High Volume Supports (VPs) held OM during price dips and were further followed by decent price activity. MACD and RSI indicators suggest continued momentum for OM. Thus indicating buying pressure.
