Despite a global cryptocurrency market downturn, Mantra (OM) has defied the trend with a notable 10.21% price increase. The altcoin bounced back after briefly testing its 24-hour low of $5.71, while major cryptocurrencies such as Bitcoin, Ethereum, XRP, and Solana saw significant price declines. This sudden surge has caught the attention of investors, sparking speculation about its potential future growth.
Mantra’s recent performance has been impressive, with its trading volume surging by 327% to $212.86 million. The coin’s price action has drawn increased interest from the cryptocurrency community. Since mid-February, OM has been trading within a triangle pattern and is currently approaching its support trendline. The next movement will depend on how this level holds up, with the potential for further gains if the trend continues.
Technical analysis suggests a strong support level around the 200-day EMA, which could provide stability if the price continues to rise. Meanwhile, the 50-day EMA acts as a resistance point, though it may be overcome if buying pressure remains strong. Additionally, the RSI indicator has successfully retested its oversold range, and a bullish convergence on the trendline could propel OM to higher levels in the coming days.
If the bulls regain momentum, Mantra’s price could potentially reach its upper resistance level of $7.11 by the end of this week. However, if bearish sentiment takes hold, the price might dip back toward its support at $6, with a further decline possible if the selling pressure intensifies, pushing it closer to $5.61. As market sentiment evolves, investors will closely monitor these key levels to determine the next steps for OM.
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