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Token could rise 240% if it breaks this resistance
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The network token price Mantra (OM) has been on investors’ radar lately, especially after his monthly appreciation of 210% in November. This rally has generated an increase in traders’ optimism that is in line with the earnings prospect that the token offers.
Even after tripling in price in a month and reaching US$4.00, several positive technical data suggest that OM is ready for another rally. If this happens, the token could experience another 240% increase and surpass the US$12.00 mark.
After rising 234% in mid-November, the price of OM has fallen to the consolidation zone, where it is currently trading. In fact, the chart above shows the big bullish leg followed by stabilization in the price range between $3.50 to $4.20.
This movement took the price of OM to a new all-time high of US$4.37, but the token fell 8% this Thursday (12). Now its price is US$4.11 and the technical data shows a resistance zone extending from $4.23 to $4.53.
OM Token Price Predicts a Major Breakout
Only a breakout and reversal of these zones into a support area will signal the start of an uptrend. THE OM Relative Strength Index hovers around 59, signaling the presence of buying strength. An RSI between 50 and 60 indicates a trend changing from bearish to bullish.
Likewise, OM’s Awesome Oscillator (AO) also indicates the end of the downtrendsince receding red histograms are being followed by increasing green ones. As long as AO remains above the zero level and OM price passes the critical obstacle, the trend remains optimistic.
Another outlook for MANTRA price shows a bullish continuation pattern that predicts how high OM could reach after a breakout.
The token’s price action between mid-November and early December reveals a bull flag setup. Consolidation between $3.50 and $4.20 is called a flag, while the 234% rally that occurred before is a flagpole.
Therefore, a breakout of the consolidation could start another big rally. The target for this configuration is obtained by measuring the height of the flagpole and adding it to the breaking point, as shown in the chart below. Adding the 234% rally to the bottom of the flagpole reveals a conservative target of $11.40.
The ongoing rally in OM price indicates a strong upside base for the cryptocurrency. Furthermore, market experts also remain optimistic. One of them is the famous The Wolf Of All Streets, which praised the OM rally towards its new historic high.
Token could rise 240% if it breaks this resistance
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Token could rise 240% if it breaks this resistance
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Token could rise 240% if it breaks this resistance
