Mantra (OM) Holds Strong Despite Bearish Downtrend: Could This Breakout Lead to a Bullish Rally?

Date: Thu, Jan 09, 2025, 03:00 PM GMT The cryptocurrency market has seen a sharp downturn over the past three days, with Bitcoin (BTC) sliding from $102,000 to current level of $93,000. This drop has pushed BTC dominance to 58%, leading to significant declines in many major altcoins. However, Mantra (OM), a leading Real-World Asset (RWA) token, has defied the bearish trend, showing resilience with a steady weekly gain of 4% and currently trading at $3.95.

Source: Coinmarketcap Bullish Pennant Formation Signals Potential Upside In November 2024, Mantra (OM) saw a remarkable bullish rally, climbing from $1.28 to $4.52. Following this surge, the token entered a consolidation phase, forming a bullish pennant—a triangle pattern indicative of potential upward continuation. During this period, OM tested the lower support trendlines multiple times, solidifying a strong base for a possible rebound.

Mantra (OM) 1D Chart / Coinsprobe (Source: Tradingview) Amid the broader market correction, $OM bounced from its key support level of $3.68 to its current price of $3.85. The token is now approaching the upper resistance of the bullish pennant pattern. A successful breakout above this resistance could set the stage for a rally toward $4.60—a potential 20% gain from its current price. If momentum continues, OM might aim for the psychological resistance at $5.50. On the downside, failure to break above the resistance could lead to a pullback, with prices revisiting the pennant’s support trendline. The MACD is showing a mild bullish crossover, signaling potential upside momentum. However, the histogram suggests that buying pressure remains relatively moderate, and traders should watch for a surge in volume to confirm a breakout. What’s Next for Mantra (OM)? The price action near the $3.90–$4.10 zone will be crucial. A decisive move above this range, backed by increased trading volume, could propel OM toward its $4.60 target. However, a rejection at this resistance level would shift attention to the support trendline for potential recovery. Traders and investors should keep an eye on critical levels and watch for any volume surges to confirm direction. Get more updates on: coinsprobe.com Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before investing in cryptocurrencies. #MantraOM