- Mantra crypto pumped 65%; will the uptrend extend into the week?
- Whales didn’t trim their exposure despite OM’s triple-digit rally last week.
As a seasoned researcher with a keen eye for market trends and patterns, I find myself intrigued by the recent surge of Mantra Crypto (OM). The 65% pump over the weekend and the subsequent 194% weekly gains have certainly turned heads in the crypto sphere.
Over the weekend, the cryptocurrency known as Mantra saw significant growth in the area of tokenizing real-world assets. The price of its native token (OM) jumped approximately 65% on November 17th alone, resulting in an astonishing 194% increase in value over the course of a week.
Surprisingly, even with a significant market surge, whales held their ground, indicating strong confidence in further profits. Could there be room for more bulls to join in and continue the rally?
Mantra crypto key re-entry levels
On the 12-hour scale, there’s been a significant influx of market activity due to price disparities (price differences between current and fair values), which are often referred to as “fair value gaps.
In theory, prices often revert or correct to these identified imbalances (represented by yellow zones in candlesticks), which can provide an opportunity for scalp traders to join the market.
Should this pattern persist, investors might look toward the Future Value Guarantee (FVG) exceeding $3.5 or $2.6, aiming for optimistic price levels around $5.2 or $6.0.
In the initial situation, there’s a possibility of earning about 30%, but in the second case, holding on to it long term might yield approximately 100% profit, provided the price recovers to the original entry points and aims for $5.2.
As a crypto investor, I noticed that the Stochastic RSI had moved into the overbought territory, yet the On-Balance Volume (OBV) reached an all-time high. This suggested to me that there was significant buying pressure behind OM, even though a potential price correction might be on the horizon.
Whales remain bullish
The prolonged investment strategies by whales in the OM market strengthened their optimistic outlook and reinforced the previously mentioned long position theories.
Remarkably, the locations of the whales (represented by green bars in Whales vs Retail Delta) stayed consistent even after significant, triple-digit profits were realized over the weekend.
This implies they believed there was still room for growth and decided not to cash out their profits prematurely.
In this scenario, should the uptrend for Mantra [OM] continue, it’s plausible that I would validate my previous long position suggestions.
Read Mantra [OM] Price Prediction 2024-2025
In addition, a substantial grouping of liquidity at $4 (prominently displayed in contrast to the price movement) might prompt market makers to attempt a liquidity squeeze, providing potential traders with an improved opportunity for re-entering the market at a reduced cost.
Conversely, a prolonged dip beneath $2.6 might challenge the optimistic viewpoint and potentially discourage taking on long positions.
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2024-11-19 04:07