Why Is Mantra (OM) Price Gaining Momentum? Analyst Shares Key Insights

2024-11-17 12:00

The crypto world is taking notice of Mantra (OM), which has shot up 50% in the past day. Popular analyst Crypto Trooper posted on X (Formerly Twitter) about how OM’s price broke past $1.62 and keeps climbing.

With Fibonacci extensions pointing towards higher targets and support zones identified, OM appears to be in a structured growth phase, distinguishing itself from other assets.

Mantra Technical Analysis: Strong Breakout and Price Rally

On November 14th, Mantra (OM) broke past the $1.62 level, initiating a powerful rally of 48%. According to Crypto Trooper, this move signals strong bullish momentum, further supported by an immediate surge past the $2.41 Fibonacci extension level. The asset has already tested resistance at $2.71, marking it as a temporary barrier.

Image Source: X/CryptoTrooper

This breakout is characterized by high trading volumes, suggesting robust buyer interest. The price surge is also in alignment with Fibonacci extensions, which outline targets of $2.41, $2.71, and $3.19. Moving beyond these levels could place Mantra (OM) into price discovery mode, allowing for additional upside potential.

Key Support and Resistance Levels

Support zones for OM have been identified at $2.14 and $2.00, with the former highlighted by liquidity clusters seen on heatmaps. These levels are likely to act as rebound zones in the event of short-term retracement. The $2.71 resistance level represents a significant hurdle, but clearing it could pave the way for OM’s price to target the next Fibonacci extension at $3.19.

The analyst also noted that broader market conditions, particularly Bitcoin’s strength, would play a role in sustaining this momentum. Without a major correction in Bitcoin, a deep retracement for OM seems unlikely.

Read Also: XRP Price Nears $1, Analysts Predict What’s Next for Ripple’s Token

Bullish Trend Backed by Fundamentals

Mantra (OM) has demonstrated a strong uptrend since February, showcasing consistent ranges before breaking out. Unlike many cryptocurrencies that faced sideways or downward trends, OM’s structured growth pattern and sustained accumulation signal robust fundamentals.

The Accumulation/Distribution indicator further validates ongoing buying pressure. Moving averages, with the shorter-term average trending above the long-term average, indicate strong bullish alignment. These factors collectively support the argument for further upside potential.

Furthermore, as OM trades in price discovery mode, analysts are watching its next moves. With the path above $2.71 less crowded by heavy sell zones, the potential for a continued rally remains high. Short-term support levels, coupled with strong fundamentals, position OM as a cryptocurrency to watch in the current bullish market.

This rally has captured the attention of traders and investors alike, with the psychological levels of $2.00 and $2.14 providing a foundation for further gains. If resistance levels are broken, OM’s price could continue its upward trajectory.

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The post Why Is Mantra (OM) Price Gaining Momentum? Analyst Shares Key Insights appeared first on CaptainAltcoin.

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