Mantra OM registered a notable loss during a recent price breakdown but has slightly regained strength following a double-digit gain in the past 24 hours. It currently faces up and looks poise for an increase.
The $0.6 range has become a strong threshold for the bears in the past months with multiple rejections. Last week, OM found support above this price range again and is now slowly picking up due to a recent counter-reaction in the market,
The trading level changed briefly after a short consolidation phase and is now showing signs of strength at the time of writing. As a result, the bulls are now slowly stepping back. How long they can sustain pressure is yet unknown.
An in-depth look at the current market structure shows that the asset is gearing up for another upward move in the daily timeframe. It just flipped a two-week resistance and now aims to claim more highs.
OM’s latest surge in volatility revealed an increase in the daily volume inflow. And as we can see on the daily chart, this week’s trading is almost closing with a bullish engulfing. If that happens, a bigger gain should be expected in the upcoming week.
OM’s Key Levels to Watch
As the market gradually regains momentum, the immediate resistance level to watch for a test is $0.89. A rejection from there might trigger a slight pullback before advancing higher to $1 and the $1.099 resistance, where the main breakout lies
If the market rolls back into the $0.6 range, which has been a tough area for the bears in the past months, the $0.5 and $0.4 levels would be the lower support area to keep in mind for drops.
Key Resistance Levels: $0.89, $1, $1.099
Key Support Levels: $0.6, $0.5, $0.4
- Spot Price: $0.77
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: olegking/123RF // Image Effects by Colorcinch
