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MANTRA (OM) Price Poised For ATH Breakout: Is $2 Mark Next?

  • The OM price was inching closer to its ATH mark and poised for a breakout.
  • Bullish signals include MACD and OI, suggesting a potential rally next.

MANTRA (OM) price continued its bullish streak and was on the cusp of a multi-month breakout. The market trend and technicals appear poised to initiate a new bullish cycle above the $1.42 ATH mark soon.

Since the first week of September, OM crypto saw a V-shaped recovery and surged over 50% last month. A rounding bottom pattern was observed, and the OM price edged closer to the crucial neckline barrier of $1.40.

A successful breakthrough above $1.40 would validate the ATH breakout. This could send OM crypto toward the $2 mark in the following sessions.

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MANTRA price traded at $1.36 at press time, noting an intraday surge of over 1.89%. It was positioned as the 62nd largest crypto with a market cap of $1.25 Billion.

It has a circulating supply of 916.80 Million, and the OM/BTC pair was traded at 0.0000219 BTC.

OM Price Prediction: Can MANTRA Make a New All-Time High This Month?

The daily timeframe analysis showed that OM crypto was mired in a parabolic upward movement. It has created a bullish streak in the past six days, surging more than 15% this week.

The Daily RSI supported the bullish outlook; it rests in the overbought zone, at 73 at press time. This conveyed a heightened buying pressure on the chart.

Moreover, the MACD indicator plotted the green histogram readings. It indicated a bullish stance.

What Are Analysts Saying?

Crypto traders and analysts on X positively view the future OM price trend. A tweet by @neil_xbt in his post said that OM crypto showed a sustained upward movement despite the weak market cues.

It has a strong support of around $0.85 and may reach the $2 level by the end of this year.

Furthermore, a tweet by @Blockunity highlighted that the OM crypto price is testing a crucial resistance zone at around $1.40. Above this mark, new highs are imminent.

However, the prompt support zone was around $1.10. From the indicators’ view, trend identifiers and magic bands represented a strong bullish momentum, favoring the rise.

Since September 2024, MANTRA’s TVL saw a significant surge, noting around $13,442 at press time.

This significant surge in TVL reflected the growing investor confidence in the network. Hence, the OM price rose.

Source: DeFiLlama
Source: DeFiLlama

Looking at the futures market, the Open Interest (OI) surged by over 16.82% to $32.96 Million. This signified the long buildup activity over the past 24 hours.

More than $29.54k of short liquidations were noted. At the same time, only $8.7k of long liquidations were now. It conveyed that short traders were in a dilemma and looked in fear.

The immediate support zone was $1.20 and $1.10. In contrast, the upside barriers were $1.42 and $1.60.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.