OM Price Eyes 230% Rally If It Clears This Key Resistance

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As a seasoned crypto investor with a knack for spotting promising opportunities, I’ve been closely monitoring the MANTRA (OM) price action and the market buzz surrounding it. Having weathered numerous crypto market cycles, I can confidently say that the recent 210% monthly surge of OM has piqued my interest. The bullish outlook, coupled with positive technical indicators, suggests that OM is poised for another rally and could potentially triple its market value.

Recently, the price of MANTRA (OM) has been drawing attention from investors, particularly following its remarkable 210% increase in a single month. This extraordinary growth has ignited optimism and aligns with the broader crypto market’s bullish perspective. The bullish trend and positive technical indicators hint that OM might be gearing up for another significant surge, potentially tripling its current market value.

OM Price Eyes Massive Breakout Rally

Following an impressive 234% increase in the mid-to-late November period, the OM price has since moved into a holding pattern, or consolidation phase, where it is currently being traded. This range spans from approximately $3.50 to $4.20. A potential breakout from this sideways trend could potentially drive the MANTRA Price to a new all-time high (ATH).

Moreover, the technical levels highlight an area of potential resistance, stretching between $4.23 and $4.53. A breakthrough and subsequent change in these levels to a region of potential support would suggest the commencement of a bullish phase.

Backing up this positive perspective, the Relative Strength Index is hovering around 59, suggesting the influence of buyers. Importantly, an RSI ranging from 50 to 60 suggests a transition from a bearish to a bullish trend, which supports a rising market condition.

Similarly, for MANTRA, the Awesome Oscillator (AO) suggests a possible shift in the downward trend due to the appearance of more green histograms over the red ones. If the AO continues to stay above 0 and the MANTRA price surpasses the crucial barrier, the trend will continue to be bullish.

An alternative perspective on MANTRA’s price indicates a bullish trend continuation, suggesting potential heights that MANTRA might scale once it breaks through its current levels.

Forecasting Targets for OM’s Next Move

Between mid-November and mid-December, the price pattern of MANTRA appears to form a bullish “flag” setup. Prior to this consolidation, which ranges between $3.50 and $4.2, there was a significant surge of approximately 234%. This surge is referred to as the “pole” in this flag-and-pole formation. In essence, if MANTRA breaks out from its current consolidation, it could initiate another substantial upward price movement.

In simpler terms, the goal we’re aiming for is determined by first taking the measured height of the flagpole and then adding it to the point where the flag breaks out (as demonstrated in the following diagram). If you add 234% rally to the base of the flagpole, it gives us a more cautious prediction of $11.40 as our target price.

OM Fundamentals Remain Strong

As an analyst, I’m observing a robust upward trend in the OM price, suggesting a solid foundation for this cryptocurrency. Notably, industry experts are also maintaining a bullish stance on OM, anticipating the rally to persist further. To provide some context, in a recent post by The Wolf of All Streets, one of the top market experts, he commended the MANTRA rally reaching its new All-Time High (ATH). Furthermore, he stated that “regardless of market conditions,” this crypto has demonstrated an “incredible strength.

A respected analyst, Mihir (known as RhythmicAnalyst), sees a possible surge in the value of OM cryptocurrency. In fact, he’s forecasted that its price could reach $12, demonstrating his firm belief in this digital asset.

Significantly, these optimistic forecasts emerge as the trading supply of MANTRA has decreased, according to Santiment data. To provide some context, the decrease in exchange supply suggests that funds are being withdrawn from exchanges, suggesting a rise in token purchases by investors. At the same time, the amount held by non-exchange wallets is growing, hinting at a robust market sentiment towards the cryptocurrency.

It seems the OM price might extend its upward trend towards $11 soon, but keep in mind the cryptocurrency market is known for its dramatic fluctuations. So, it’s crucial for investors to thoroughly research and make careful decisions when investing in this asset.

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2024-12-12 18:46