After reaccumulating well for two months, OM resumed positive actions and broke out to a new high this week. It is considered highly bullish daily and appears set to take more highs.
So far, the past year has brought a significantly high ROI – returns of investment for both mid-term and long-term holders as OM increased by 50x. However, its short-term gains are still considered moderate due to the two-month accumulation that conceals profits.
Last week saw the asset through another notable increase after picking up from $3.17. It surged steadily and reached a new high of $595 but the price retraced to where it’s priced at $5.57.
While its gains continued to compound in the long term, it is important to note that the price is fast nearing the top rather than the bottom while trading in an overbought area on the weekly timeframe. There’s still room for more increase but the decrease in the volume indicator signals a potential sell in the near term.
Having increased by 50x in a year, Mantra’s native token is considered strongly bullish on a monthly scale. It is showing no signs of stopping the rally yet as the bulls continue to mount pressure by the day.
Aside from being a hidden gem, it remains one of the best-performing tokens in the Real-World Asset sector following a wide-range adoption and immense growth in the past months.
OM’s Key Levels to Watch
Source: Tradingview
Testing the $5.95 level as a new high in the latest surge, a push above it should take us to $7. The key price level to watch on the way up is $10.
If a pullback occurs, the closest level for a rebound is $4.73, followed by the $3.74 level. The main support level to watch for a breakdown is $3.27.
Key Resistance Levels: $5.95, $7, $10
Key Support Levels: $4.73, $3.74, $3.27
- Spot Price: $5.57
- Trend: Bullish
- Volatility: High
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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Source: https://nulltx.com/mantra-price-analysis-prediction-january-31-om-hits-new-high-following-another-13-surge-overnight-slowly-nears-top/