The chart of Mantra (OM) showed a notable consolidation phase for about one and a half months, stabilizing around the $3 mark before a sharp increase.
This rise peaked at just above $3.80, drawing attention to potential resistance levels.
If OM were to break the $5 threshold and retest its recent consolidation base, the possibility of ascending toward the $10 mark could emerge, suggesting a significant bullish momentum.
This trend was characterized by a sudden spike in trading volume visible in the MACD indicator which showed a convergence away from bearish momentum.
This movement was critical for confirming the strength of the upward trajectory, as such volume and MACD trends often prelude sustained bullish phases.
Thus, watching for a stable breach above $5 followed by a retest of this level could signal an entry point for investors aiming for higher price targets, underlining the importance of this consolidation zone as a springboard for future gains.
Whale vs Retail Delta
Analyzing the provided charts, particularly focusing on “Whale vs. Retail Delta” and “Top Trader Positions Long%” data for Mantra, revealed intriguing market dynamics.
OM was distinctly positioned as an outlier, reflecting an unusual market activity compared to other cryptocurrencies.
It registered low values in both Whale versus Retail Delta and Top Trader Positions Long%, indicating that smaller retail traders, rather than large institutional investors or ‘whales’, predominantly drove the trading activity.
A further detailed examination emphasized that the percentage of top traders long on OM had dropped to one of its lowest points.
This decrease occurred simultaneously with a significant retail dominance in the market, a situation not typically conducive to stable price increases.
Historically, for OM and similar cryptocurrencies, price surges have often aligned with an increase in long positions from top traders and whale dominance, suggesting a potential turnaround in market behavior if these trends revert.
Despite these findings, the current dominance of retail investors, combined with low enthusiasm from top traders, could hint at vulnerability to sharp price fluctuations or a delayed response to typical market catalysts.
This dynamic warrants close monitoring as it may precede a shift in market sentiment or strategy amongst major investors, potentially leading to significant price movements in the near future.
How Altseason Could Benefit Mantra’s Future Price
Analyzing the “Crypto Total Market Cap Excluding BTC (TOTAL2),” which projected a rise to $6 trillion by 2025 as per chart’s past movements.
Starting with a valuation around $0.4 trillion, TOTAL2 exhibited a fourfold increase to $1.6 trillion, followed by a similar uptrend expectation to the $6 trillion mark. This pattern suggested a recurring cycle of growth.
The graph depicted a consolidating phase around $1.4 trillion, hinting at a preparation stage before a potential massive upward movement.
These patterns historically signaled upcoming bull markets, potentially catapulting altcoins, including OM, into new price ranges.
The anticipated alt season, spurred by this momentum, could specifically propel OM, if market dynamics and investor sentiment align similarly to past cycles.
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