- Strength of MANTRA’s surge suggested that further gains may be likely
- Price might not retrace as deep as traders would want or expect
As a seasoned crypto investor with a knack for spotting trends and patterns, I find myself intrigued by MANTRA’s [OM] meteoric rise. The strength of its surge suggests that further gains may be likely, although a word of caution is in order. Price movements in the cryptosphere can be as unpredictable as a roller coaster ride, and while the bullish sentiment is palpable, I wouldn’t be surprised if MANTRA takes a breather at some point.
The cryptocurrency MANTRA [OM] has been on an upward trajectory since February. During the last nine months, there have been several periods where it consolidated before resuming its uptrend. Unlike many other assets that have been declining or moving sideways since March, MANTRA has been bucking this trend and going up.
On the 14th of November, OM surpassed its local highs at $1.62. Since then, it has experienced a significant surge, climbing by approximately 48%. This rapid increase has not provided ample time for the establishment of solid support levels. Could MANTRA reach new peaks in the near future?
OM faced rejection at $2.71 – Is $2 the next short-term target?
In the past 24 hours, the value of OM increased by 50% and surpassed its previous record high, going above $1.6. The Fibonacci extension projections suggest potential future highs at approximately $2.41 and $3.19. Currently, MANTRA has already moved past $2.41, but it may experience a pullback in the near future.
As a researcher observing the current market conditions, it appears we’re in an upward trend with sentiment running high on the bullish side. However, given this context, a significant drop of 15% or more in Bitcoin [BTC] within a short period could potentially lead to a decrease of 40%-70% in altcoin prices.
As I write this, it seems unlikely that a significant correction for Bitcoin will occur soon. Therefore, Open Market traders should brace themselves for potential continued price increases.
Short-term support zones MANTRA can visit
Looking at the past week’s analysis, we notice a concentration of liquidity around the $2.14 area on our liquidation heatmap. This could potentially attract price movement towards this point.
Due to the token being in a phase where its price is being determined, the liquidity hasn’t appeared as thick or abundant as what we usually see in the long term.
In addition to the 24-hour analysis, two potential short-term areas for Mantra to bounce back were identified: $2.14 and $1.94. These zones might serve as a platform for recovery. Furthermore, there was an accumulation of short selling positions around the highs near $2.7.
Read MANTRA’s [OM] Price Prediction 2024-25
It’s uncertain if OM will withdraw its steps, and if so, how far or prolonged this downtrend might be. The prices at $2.14 and the psychologically significant level of $2 could entice potential buyers.
With BTC retaining its upward momentum, OM may be likely to maintain its upward trajectory.
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2024-11-16 19:03