Recent activity on the Mantra chain indicated significant movements by large holders who have been offloading substantial quantities of Mantra crypto tokens amounting to 78 Million.
Whales began offloading on February 15, decreasing their holdings, which corresponds with a price of OM hovering around $7.60.
However, 3 days later, a continued selloff saw a slight recovery in price to $7.85, suggesting some buying interest at lower levels.
The selloff intensified as February entered its last week, with the price reaching a peak of $8.60 before a sharp pullback.
This indicated volatile market reactions to these large movements. There is correlation between whale offloading and the fluctuating price.
This suggests that large-scale sales are creating pressure but also opportunities for buyers to enter at perceived lower values.
Mantra (OM) crypto price has shown resilience near the $8.50 mark, which could act as a short-term support. Resistance is likely near the recent high of $8.60.
If buying pressure absorbs the whale offloading, and no further large sales occur, OM could stabilize.
It could attempt to breach the recent high of $8.60, potentially testing higher resistances.
Continued or increased offloading by whales could overwhelm buying interest.
And this would push the price below the current support level of $8.50, potentially leading to lower lows.
The whale offloading presents a mixed signal for OM. If the trend of selling subsides, OM might stabilize and prepare for an upward movement.
However, if offloading continues or escalates, it could signal a bearish period ahead for OM.
How Mantra Crypto’s Price Reacts After the Breakout?
The price action of Mantra crypto exhibited a classic bullish flag pattern, indicating potential upward momentum.
This comes after it ranked among the top performing cryptos in the last 30 days.
This continuation pattern occurs where a sharp price increase is followed by a consolidating rectangle, before another possible breakout.
Mantra recently broke out from the consolidation phase, where it was trading narrowly between $7.50 and $8.30.
The breakout occurred with a significant volume increase, pushing the price above the $8.50 resistance level.
OM touched a peak near $8.70 post-breakout. The increase in volume accompanying the breakout suggested strong buying interest and potential continuation of the upward trend.
Should OM maintain its current momentum and the market sentiment remains positive, the price could realistically aim for the $10.00 target.
However, if Mantra crypto fails to sustain the breakout due to profit-taking or broader market pullbacks, it could see a retest of lower support levels. Immediate supports are at $8.30 and further down at $7.50.
If historical patterns remain consistent, OM’s price is likely to continue its upward trajectory, aiming for the $10.00 mark as its next major psychological and technical resistance.
However, traders should remain cautious, as any sudden shifts in market sentiment or macroeconomic factors could prompt a retest of lower support levels, particularly if the breakout does not sustain.
