Mantra, with the symbol OM, has experienced significant growth this year, with a 133% increase year-to-date. The price of OM has skyrocketed by 8,592% since February 1st, nearly 86 times its original value. This surge in price is in stark contrast to other major cryptocurrencies like Ethereum and Bitcoin, which have either dropped or remained stagnant. OM has consistently set new all-time highs, with the most recent being $9.17, and many believe it may soon surpass the $10 mark.
Analysts have identified a pattern in the recent gains of Mantra, with consolidation and expansion happening on the lower timeframes. By analyzing the rally in November, Fibonacci retracement and extension levels have been plotted, with key resistance and support levels identified at $4.5, $5.31, $6.58, and $7.84. The next potential price targets for OM are predicted to be $11.16 and $11.94, based on the current trend. The Relative Strength Index (RSI) did not show a bearish divergence on the daily timeframe, but it did show signs of a potential lower timeframe pullback, indicating a slight mismatch with the price increase.
Traders are looking to take advantage of the relentless momentum of OM by capitalizing on the recent rallies. A range formation highlighted in white preceded the rallies in February, with a deviation below the range low leading to a swift 50% price move. Traders are advised to wait for the next range formation and consider purchasing OM at the range lows, once a liquidity pocket has been built and swept. However, caution is advised, as this strategy carries risks, and traders should be prepared to exit the trade if the market dynamics change. It is important to note that the information provided does not constitute financial advice and is solely the writer’s opinion.
In conclusion, Mantra’s impressive growth has captured the attention of many traders and investors, with the altcoin consistently hitting new milestones. The price of OM has seen a remarkable increase, outperforming other major cryptocurrencies in the market. Analysts have identified key price levels and resistance points that traders can monitor to anticipate potential future price movements. As investors look to capitalize on the momentum of OM, it is crucial to exercise caution and be prepared for any shifts in market dynamics. Overall, the future looks promising for Mantra, with the potential to reach even higher price targets in the near future.
