Despite the global cryptocurrency market experiencing a significant downturn, the price of Mantra (OM) has defied the trend, posting a robust 10.21% surge after briefly dipping to a 24-hour low of $5.71. While major cryptocurrencies such as Bitcoin, Ethereum, XRP, and Solana faced sharp declines, OM has demonstrated resilience, capturing the attention of investors.
Technical indicators suggest a potential upward trajectory for the altcoin in the coming days, further fueling speculation about its future price movements. However, many are questioning whether now is a good time to invest, and whether the price of OM will continue its rise.
OM Price Shows Strong Bullish Reversal
The surge in Mantra’s price comes alongside a remarkable 327% increase in trading volume, reaching $212.86 million. This uptick has placed OM in the spotlight, especially after the coin formed a triangle pattern that it has been trading within since mid-February. The price is currently testing the support trendline, and the outcome of this test remains uncertain.
The 50-day exponential moving average (EMA) has acted as resistance, while the 200-day EMA has provided significant support. These indicators suggest a shift towards more buying pressure, hinting that the bullish momentum could continue to outweigh the selling pressure in the near term.
Additionally, the Relative Strength Index (RSI) has retested its oversold region, showing a bullish convergence in its average trendline. This signals that OM, currently ranked as the 12th largest cryptocurrency, could continue to gain momentum in the coming week.
What’s Next for Mantra Price?
Should the bullish momentum persist, OM’s price could climb toward the resistance trendline within its triangle pattern, with a potential target of $7.11 this week. However, if the bears regain control, the price may pull back to test its support level around $6. A more intense bearish sentiment could push OM down to its critical support zone of $5.61, but the recent bullish reversal indicates that the altcoin still holds promise for a strong performance.
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