• 19 June, 2024
Market News News

MANTRA Surges Following Bullish Breakout, Analysts Eye 50% Gain

MANTRA (OM), an RWA Layer 1 Blockchain, has sparked significant interest within the cryptocurrency sphere following an impressive bullish breakout. According to a detailed technical analysis by crypto analyst Captain Faibik, the cryptocurrency is poised for a 50% surge. 

Previously confined within a descending triangle pattern, the digital currency has demonstrated a remarkable upward shift, successfully breaching past key resistance levels that had limited its growth.

The trading pair OM/USDT, which had seen stagnation under a downward trend line since the beginning of March, began a strong upward movement in late May. This surge culminated in a clear break above the triangle’s upper boundary, suggesting a potential continuation of the bullish trend.

Market experts, including Captain Faibik, believe this upward momentum could be sustained under market conditions. The analysis includes a forecasted price target zone, marked in green on the chart, which predicts where OM might stabilize if the bullish trend persists.

The presence of a bullish candle marking this breakout indicates strong buying activity, pushing OM’s value beyond the previously established upper limit. This suggests a robust buyer influence in the market, potentially setting the stage for further significant gains in the days ahead.

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Over the past 24 hours, MANTRA OM has seen a notable increase of 10.99%, with its price reaching $1.07. This uptrend positions MANTRA OM’s market capitalization at approximately $853.3 million, ranking it 90th globally. The trading volume for MANTRA OM also witnessed a sharp rise, escalating by 177% to reach $164.1 million. 

MANTRA price has been trading in an ascending trend over the past week, with more than 22% increase in its value.

OM/USD daily price chart: Tradingview

The Relative Strength Index (RSI) is currently at 80, suggesting that the asset is in the overbought territory, indicating a potential price surge ahead. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a positive momentum with the MACD line well above the signal line, reinforcing the bullish sentiment.

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