While several altcoins have recorded a heavy loss in the past months with some trading back at their bottom, OM traded well above a key price level for three months and resumed bullish.
During the past months of the clampdown, OM saw little reduction compared to other cryptocurrencies that recently fell to a new yearly low after losing more than half of their valuation in three months.
Instead, the asset held its short-term gain and subjected its bullish trend to a sideways movement for a good three months. During this period, trading volatility dropped on a weekly scale but it managed to stay firmly above the $0.6 level.
Amid the bearish correction in mid-June, OM established support at $0.62 and picked up steadily until it reached a new peak of $1.173 this week. It rejected this peak level and dropped slightly.
Still, the price is looking strong on the daily chart as it traded above the $1 psychological level, which now stands as support. More gains should be expected if this level holds. As of now, no signs of weakness.
Looking at the overall market sentiment, Mantra has outperformed many altcoins during this bull cycle and remained one of the most-traded RWA tokens with over 40x gain in a year.
OM’s Key Levels to Watch
As it continues to show strength daily, it may advance bullishly to retake the recent high with a potential break to $1.3 and $1.5 next week.
A pullback below the $1 level may facilitate a retest at the $0.825 support. A further dip from there could roll the price back to the $0.65 support level.
Key Resistance Levels: $1.173, $1.3, $1.5
Key Support Levels: $1, $0.825, $0.66
- Spot Price: $1.079
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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