Mantra OM (OM) Primed for Another Upward Move After a Double-Digit Gain in the Past 24 Hours
- PHPzOriginal
- 2024-07-01 22:02:36642browse
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.
After a recent price breakdown, Mantra OM (OM) has shown a slight recovery with a double-digit gain in the past 24 hours. The token is currently facing up and appears poised for an increase.
The $0.6 range has served as a significant resistance level for the bears in the past months, leading to multiple rejections. Last week, OM found support once again above this price range and is now slowly recovering due to a recent counter-reaction in the market.
The trading level has changed briefly after a short consolidation phase and is currently showing signs of strength at the time of writing. This has led to the bulls slowly stepping back. It remains to be seen how long they can sustain pressure.
A closer examination of the current market structure in the daily timeframe reveals that the asset is gearing up for another upward move. It just flipped a two-week resistance and now aims to claim more highs.
An uptick in the daily volume inflow is evident in OM's recent surge in volatility. As we can observe on the daily chart, the price action this week is nearly closing with a bullish engulfing. If that occurs, we can anticipate a stronger gain in the upcoming week.
OM 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
Note: This piece serves solely as market commentary and does not constitute financial, investment, trading, or other advice.
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