Here’s Why Mantra ($OM) Price Has Bull Run Momentum!
2024-11-18
Bittime - In the last few days, the price of Mantra ($OM) has seen a significant surge, almost 50% in the last 24 hours.
What caused Mantra price to gain bull run momentum? Read this article to find out more!
Mantra ($OM) Price Experiencing Strong Breakouts
Source: X/CryptoTrooper in Binance.com
On November 14, the price of Mantra ($OM) managed to break through the $1.62 level, triggering a very strong rally of up to 48%.
According to analysis from Crypto Trooper, this surge was supported by high trading volume, indicating heavy buying interest.
After breaking the Fibonacci extension level of $2.41, Mantra ($OM) reached the resistance level of $2.71. The Fibonacci extension suggests potential next price targets at $2.41, $2.71, and $3.19.
If the price of Mantra (OM) manages to break through the $2.71 level, Mantra could enter “price discovery mode”, which means potential experiences further price increases without a clear resistance limit.
Read Also: Price Prediction and Potential of Mantra Coin Tokens in the Future
Mantra ($OM) Price's Support and Resistance Level
Support levels for Mantra ($OM) price have been identified at $2.14 and $2.00. These two levels are potential rebound zones if a price correction occurs in the short term.
Meanwhile, $2.71 is the resistance level that needs to be broken to push the rally further.
Market conditions, especially Bitcoin prices, will be an important factor in maintaining the momentum of this bull run. If Bitcoin remains stable without a major correction, the chances of Mantra ($OM) price correction are relatively small.
Mantra ($OM) Price Bullish Trend: Strong Fundamentals
One of the reasons behind Mantra's performance gaining bull run momentum is its strong fundamentals. Since February, Mantra ($OM) price has shown a consistent bullish trend, with a clear accumulation pattern before each breakout.
In contrast to many other crypto assets that experience sideways movements or downward trends, Mantra shows a structured growth pattern. The Accumulation/Distribution indicator also shows continued buying pressure.
Additionally, a short-term moving average that is above the long-term average indicates a strong bullish trend. This combination of technical and fundamental factors strengthens Mantra's potential to continue its rally.
Mantra ($OM) Price Discovery Mode
With the current price of Mantra ($OM) approaching $2.71, this crypto asset has the opportunity to continue its bull run momentum to $3.19.
If resistance at $2.71 can be crossed, the path to the next Fibonacci target will be more open due to the lack of large sell zones above that level.
Level psychological levels at $2.00 and $2.14 also provide a strong foundation to support upward price movement.
With the market currently leaning towards bullish, Mantra ($OM) is one token to watch, especially if important resistances are broken.
Read Also: MANTRA (OM) Price Prediction 2024–2050, Potential and Challenges
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