OM Price Eyes 230% Rally If It Clears This Key Resistance

The MANTRA (OM) price has been on the investors’ radar lately, especially after its 210% monthly surge. This exponential rally has sparked optimism, which is in line with the crypto market’s bullish outlook. This bullish trend and positive technicals suggest OM is primed for another rally coupled with more than triple its market value.

OM Price Eyes Massive Breakout Rally

After surging 234% in mid-to-late November, OM price slipped into consolidation, where it currently trades. The aforementioned range extends from $3.50 and $4.2 and a breakout from this sideways movement could most likely propel MANTRA Price to new ATH.

Additionally, technicals showcase a resistance zone, extending from $4.23 to $4.53. Only a breakout and flip of these zones into a support area will signal the start of a bullish trend.

Supporting this optimistic outlook is the Relative Strength Index hovering around 59, signaling the presence of bulls. Notably, an RSI between 50 and 60 indicates a shifting trend from a bearish to bullish, which favors an uptrend.

Likewise, the Awesome Oscillator (AO) for MANTRA also indicates a potential end of the bearish trend since the receding red histograms are being followed by increasing green ones. As long as the AO sustains above the 0 level and OM price breaks above the critical hurdle, the trend remains bullish.

Another outlook for MANTRA price shows a bullish continuation pattern that forecasts how high OM could reach after a breakout.

Forecasting Targets for OM’s Next Move

The price action of MANTRA between mid-November to mid-December, reveals a bull flag setup. The consolidation between $3.50 and $4.2 is termed a flag, while the 234% rally that occurred before it is a flag pole. Hence, a breakout from the consolidation could kickstart another massive rally to the upside.

The target for this setup is obtained by measuring the height of the flag pole and adding it to the breakout point as shown in the below chart. Adding the 234% rally to the bottom of the flag pole reveals a conservative target of $11.40.

OM Fundamentals Remain Strong

The ongoing rally in the OM price indicates a strong fundamental for the crypto. Besides, the market experts also remain bullish on the crypto, while expecting the rally to continue ahead. For context, in a recent X post, the top market expert The Wolf Of All Streets lauded the MANTRA rally to its new ATH. Besides, the expert said that “regardless of market conditions”, the crypto has shown “incredible strength.”

Another expert Mihir (RhythmicAnalyst) eyes a potential breakout for OM price. He even predicted a target of $12 for the crypto, indicating his strong confidence in the asset.

Notably, these bullish predictions come as the exchange supply of MANTRA has witnessed a slump, Santiment data showed. For context, the reduced exchange supply indicates that funds are moving out of the exchanges, meaning more investors are buying the token. Simultaneously, supply held by non-exchange addresses is increasing, indicating strong market sentiment towards the crypto.

Having said that, it appears that OM price could continue its rally to $11 in the coming days. However, it’s worth noting that the crypto market showcases highly volatile trading. Considering that, the investors should exercise due diligence before putting their bets into the asset.

Frequently Asked Questions (FAQs)

1. How Long Can OM Price Rally This Bull Cycle?

The recent technical indicators hints at a potential OM price rally to $11.

2. What's The Key Resistance Level For OM?

The next key resistance level for OM stands at $4.5.

3. What Does The Bull Flag Indicates?

The historical trend highlights a Bull Flag for MANTRA, indicating a strong rally ahead for the crypto.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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