Despite This Week's Market Downturn, Mantra (OM) Remained Strong and Advanced Higher
- DDDOriginal
- 2024-11-16 18:56:23653browse
As the crypto market took a downturn this week, Mantra continued to show strength and advanced higher. While its long-term bullish remains valid, it is set for another huge rally following a 13% surge overnight.
As the crypto market took a downturn this week, some coins continued to show strength and advanced higher. While most coins took a hit from the latest deductions, OM showed no signs of slowing down buying.
However, buying pressure is not much compared to the huge volatility flown into some altcoins during the past week’s rally. But, interesting gains were seen in OM, especially after a 13% surge overnight.
Following this month’s bounce from $0.125, the price increased slowly and broke higher today, continuing its long-term bullish trend. The key target level for the latest buy signal is $3
A surge above this price level could bring more growth in the market until it reaches the top. Failure to surpass it might slow down the bullish rally. As shown on the daily chart, the price is a bit down today after facing resistance at $1.8. A further drop could bring a small pullback before rallying hard.
However, it is important to note that the overall market outlook remains bullish on the macro level, although the party may soon end if we look back from where the price picked up in 2023.
While its performance has been remarkable so far, OM remains the best Real World Asset token in terms of gains. It has seen a staggering 70x increase in the past year of trading.
OM’s Key Levels to Watch
OM currently holds no major resistance on the way up. If the price increases above the daily $1.86 high, new resistance levels may come around $2 and $2.5 before hitting $3.
In case of a drop, the support level for a pullback is $1.4, followed by the holding monthly $1.256 low. The $1.1 and $0.9 levels would be next if the price cracks lower.
Key Resistance Levels: $1.86, $2, $3
Key Support Levels: $1.256, $1.1, $0.9
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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