Mantra (OM) Price Prediction: Whale Entry to Pump Rally Above $5

by

As a seasoned analyst with over two decades of experience in the crypto markets, I’ve seen my fair share of bull runs and market crashes. The current recovery in DeFi tokens, with Mantra leading the pack, is reminiscent of the 2017 bull run, albeit on a smaller scale.

Following last night’s significant market downturn, it appears that DeFi tokens are spearheading the subsequent market rebound. Notably, among these top performers, Mantra is demonstrating impressive growth and emerging as a promising token.

Although the OM token has been moving laterally following its significant rise in November, Mantra is gearing up for another major surge – a potential ‘golden breakout’. Could this fresh momentum in Mantra propel the price above the $5 record high?

Mantra Price Analysis Targets Range Breakout

On the 4-hour chart, the price movement of Mantra exhibits a horizontal pattern within its trading range. This trading range spans from the $3.42 support point up to the resistance level at $4.5683, which represents approximately a 38.20% return.

Inside the area where prices are expected to merge, the OM’s price movement creates a rising triangle configuration. As the local support lines up with the 23.60% Fibonacci level at approximately $4.13, the outcome of this triangle pattern remains uncertain.

At the moment, the OM token is trading at $4.06, representing a 1.94% increase over the last 4 hours. This surge has put pressure on the resistance level above, potentially boosting the odds for an optimistic price uptrend.

In simpler terms, the Relative Strength Index (RSI) line for a duration of 4 hours is suggesting that there’s an increased likelihood of price moving upward because it’s bouncing above its midpoint. This indicates a rise in buying activity. Additionally, the 50, 100, and 200 Exponential Moving Average (EMA) lines are all aligned positively, which is another indicator that supports the potential for price increase.

Thus, the technical indicators are moderately bullish despite the consolidation phase.

As a crypto investor, if we see a bullish breakout, I’m excited because the Fibonacci levels suggest an upside price target could reach around $4.9224 or even stretch higher to $5.2765. However, should a triangle breakdown occur, it’s important to note that we might revisit the 200 EMA line at approximately $3.5401 as a potential support level.

New Whale Adds 2.46M OM Token

Adding to the bullish momentum, a new whale has revealed its interest in OM tokens, signaling growing confidence among large investors. Over the past 12 hours, this newly created wallet has accumulated 2.46 million OM tokens, valued at approximately $9.92 million.

Over the last twelve hours, I’ve managed to amass an impressive sum of 2,469,999 units of $OM from Binance, amounting to approximately $9,920,000 at a current price of around $4.01 per unit.

0x182215180ecc9b52ccbd057c841585f1b0c8ee10

— Onchain Lens (@OnchainLens) December 19, 2024

The Mantra tokens, priced on average at $4.01, were withdrawn from Binance in a massive accumulation. This suggests a strong belief among investors that the value of OM may soon experience a substantial upward shift.

On-chain Indicators Reveals Clear Path to ATH

According to data from IntoTheBlock, Mantra appears to be moving towards confronting a resistance area, which lies between approximately $4.02 and $4.07.

In this range, approximately 4.03 million OM tokens are located in what’s known as the out-of-the-money zone, which could potentially be quickly sold if prices drop. On the other hand, the in-the-money zone stretches from $4.01 to $4.02, where there may be more buyers looking to purchase tokens.

Supporting the optimistic outlook, the current demand area stretches from $3.90 to $4.01, containing approximately 14.17 million OM tokens. Consequently, the significant gap between the demand and supply areas boosts the likelihood of a favorable trend continuing.

In summary, the robust demand for Mantra and increased involvement of large investors suggests a potential breakthrough in consolidation. Therefore, if market circumstances enhance, OM could aim for $5 and potentially reach new record peaks.

Read More

2024-12-19 15:57