Why You Should Care About Mantra’s Price Drama: Spoiler Alert, It’s a Rollercoaster! 🎢

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  • Altcoin has taken a nosedive since its ATH last week. Oops! 😬
  • Profit-taking is like that friend who always shows up uninvited—could stop OM from hitting another ATH. 🙄

So, picture this: Mantra (OM) just pulled a dramatic stunt, skyrocketing over 53% in a month and totally ignoring the market’s sad trombone sounds. It hit a new all-time high (ATH) of $6.48 on February 6th, after a jaw-dropping 1800% growth over the past year. Why? Because everyone’s buzzing about Real World Asset (RWA) projects like they’re the latest TikTok dance craze. 💃

But, as is tradition in the world of crypto, right after reaching a major psychological price point, OM decided to take a little profit break. Cue the red candles on the daily chart—because nothing says “I’m doing great” like a little bit of panic selling. With a long-term bullish structure still in play, let’s see what traders should keep their eyes peeled for next.

Can OM bulls push for another ATH? 🐂

Over the past year, the 50-day Exponential Moving Average (EMA) has been like a cozy blanket for OM’s price dips. Right now, it’s snuggled up close to the immediate support level around $4.6. Aww, how sweet! 🥰

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OM took a little breather after testing its rising trendline resistance (that fancy white line) near $6.48. This kind of pullback is as common as a cat video on the internet after a big rally. But don’t worry, the broader uptrend structure will stay intact as long as the price doesn’t fall below the 50-day EMA. Fingers crossed! 🤞

If OM can bounce off the $4.6–$4.7 range, bulls might just get their act together and aim for another shot at that $6.48 ATH. But if it closes below this support, we might be looking at a deeper correction towards the $4.30 zone. Yikes! 😱

The Relative Strength Index (RSI) on the daily timeframe is hanging out near 59, which means there’s still some room for a little more downside if the bears decide to throw a party. But hey, if it can recover above the 60-65 range, buyers might just get excited enough to retest those higher levels. Let’s hope for a miracle! 🙏

Why traders should remain cautiously optimistic

Trading volume surged by nearly 60% to $361.3M—like a surprise birthday party for OM! 🎉 But wait, Open Interest dropped by 3% to $429M, which means some traders decided to peace out after OM hit its all-time high. Classic move! 🙈

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Overall, the long/short ratio is slightly bullish at 1.05. But on Binance, it’s a different story—more traders are betting against OM (short positions dominate with a 0.54 ratio). It’s like a game of tug-of-war, and both sides are getting a little messy with moderate liquidations. Fun times! 🎢

And let’s not forget to keep an eye on the overall market trends and Bitcoin’s wild ride. While OM’s fundamentals and the growing RWA narrative give us a glimmer of hope for the long term, the near-term outlook is all about whether bulls can defend that all-important 50-day EMA support. Stay tuned, folks! 📺

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2025-02-14 10:18