Mantra (OM) Surges 103% – Is the Rally Just Beginning?
More from the Author Jane Kariuki
Mantra (OM) has surged 103.37% in the past month, driven by increased whale activity and strong bullish sentiment, with technical indicators suggesting further growth potential.
If OM holds its key support at $7.6, it may reach another all-time high, but a market correction could see it retrace to $6.80.
Mantra (OM) has been making waves in the crypto market, skyrocketing 103.37% over the past month. Recently reaching an all-time high (ATH) of $7.90, OM has demonstrated strong bullish momentum, leaving investors eager to see if another surge is on the horizon. Currently trading at $7.65, with a 6.29% increase in the last 24 hours and a 30.07% gain over the past week, Mantra continues to attract significant attention.
The Power Behind Mantra’s Surge
Whales Are Driving the Market
A major force behind OM’s explosive growth is the surge in whale activity. Analysis from AMBCrypto indicates that whale activity on the OM network has increased by 407% in recent days. When large investors accumulate a cryptocurrency, it often signals strong confidence in further price increases.
Moreover, a notable outflow of Mantra from exchanges suggests that investors are holding onto their tokens rather than selling them. This accumulation behavior often precedes further upward price movement, reinforcing the bullish sentiment surrounding OM.
Technical Indicators Point to Further Growth
Despite its recent rally, Mantra’s technical indicators suggest that there is still room for further price appreciation. The Relative Strength Index (RSI) has climbed to 73, but it remains below the overbought threshold, meaning that the current bullish trend may continue before a major correction occurs.
Additionally, the Market Value to Realized Value (MVRV) ratio for long-term holders (LTHs) has surged from 117% to 131% in just one week. This increase indicates that investors who have held OM for an extended period are seeing higher profit margins, further bolstering confidence in the asset.
Key Price Levels to Watch
For Mantra to maintain its bullish momentum and potentially reach another ATH, the $7.6 support level is crucial. A daily close above this level would confirm continued bullish sentiment, paving the way for further price gains.
However, if OM faces resistance and experiences a market correction, the price could retrace to around $6.80. If this support holds, it could provide a strong base for the next leg of the uptrend.
Final Thoughts
Mantra (OM) has captured the attention of traders and investors alike with its extraordinary growth over the last 30 days. With whale activity on the rise and technical indicators suggesting further upside potential, OM could be on track for another ATH. However, as with any crypto investment, market fluctuations are always a possibility, making it essential for traders to monitor key price levels closely.
The post Mantra (OM) Surges 103% – Is the Rally Just Beginning? appeared first on Crypto News Focus.
