CandleFocus

Mantra (OM) Price Analysis: Could A Bullish Breakout Be Coming?

Author: Content Editor
The MANTRA (OM) token recently hit a new all-time high but has since retraced over 15%. However, it remains above the 61.8% Fibonacci retracement level and near the upper Bollinger band, indicating a bullish bias. The token's ability to break the recent all-time high could signal further bullish continuation and a potential capture of the $2 mark. Despite launching its mainnet, the price of OM has remained relatively flat. Technical analysis suggests a rebound from the $1.30 mark is likely, with a possibility of significant upward movement if the price exceeds $1.50. The RSI curve suggests indecisiveness among market participants. Positive factors for OM include strong fundamentals, partnerships with Libra Capital and Google Cloud, and a Total Value Locked of $5.95 billion. The OI-weighted funding rate and Open Interest indicate that confidence in buying the OM token may be lacking, with more demand for short positions. Immediate support zones for OM are $1.23 and $1.10, while upside hurdles are $1.45 and $1.60.

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