MANTRA (OM) Coin Price Prediction 2024: Will OM Hit $2 Soon?

The MANTRA coin price has remained extremely bullish over the last month and in the first half of 2024, with prices continuing to push higher.

The price of MANTRA (OM) coin has seen a steep rise in the first half of 2024, with gains of over 3100% and a new all-time high (ATH) achieved at $1.41. The coin’s market cap rank is 68th, with a market cap of $1.019 billion and a circulating supply of 836.67 million.

However, despite the impressive gains, the liquidity in the market is concerningly low at 3%. This could indicate a lack of depth in the order book and potential difficulty in executing large trades without slippage.

The perpetual markets, on the other hand, are showing bullish signs, with volume inflows spiking over 201% and reaching $153.65 million in the last 24 hours. More contracts have been opened intraday, with a total value of $26.07 million in contracts.

The long-short ratio has also improved to 0.9865, indicating more shorts than longs in 24 hours. The shorts liquidated were valued at $145.72K, while the longs were liquidated less at $99.72K.

Overall, the perpetual and derivatives markets are displaying bullish perspectives, with a higher amount of shorts being liquidated compared to longs.

A deeper analysis of the price chart reveals that OM delivered a massive bullish impulse from $0.2170, with the $0.71 zone being the strongest. At this level, the price had multiple retests amid broader market dips. However, the asset cruised through the price without any problems.

The consolidation ended around June 24th, 2024, with the price displaying a rocketed move of over 120% gains in a month. This led to the formation of an all-time high.

The ATH did witness slight profit booking from the cruisers, as investors and whales kept their holdings intact. Eventually, the price formed support at $1.10 and appeared to be completing the pullback by piercing through the ATH of $1.41 ahead soon.

Other indicators depicted the pullback as bearishness in the last two weeks, but it’s not been confirmed yet. It has not breached the dynamic supports of the 50-day and 200-day EMAs.

A bearish cross has been displayed in MACD above the zero line. The histogram was bearish at 0.021, and RSI swept below 14-SMA, taking support from the median line and flashing at 56.16.

Hence, based on current optimism, the price could have another launch, where the new ATH will be the first resistance. The other will be the round number 2.0 or nearby.

On the contrary, the breach of 1.10 will generate a decline, eyeing 0.90 and 0.71 support, respectively.

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