Mantra (OM) Price Reaches All-Time High After 200% Weekly Spike — Up 10,000% This Year

Key Takeaways

• MANTRA (OM) reaches a new all-time high price of $4.52 today.
• OM increased by 200% last week, creating a bullish candlestick.
• How long will the MANTRA upward movement continue?

The OM price has been one of the best-performing cryptocurrencies this year, increasing by nearly 10,000%. After the OM price doubled last week, the upward movement culminated with a new all-time high of $4.53 on Nov. 18,

Several positive MANTRA news items last week, such as the partnership with PyseEarth  to tokenize electric motorcycles and Hacken’s successful protocol audit , could have aided the increase.  This week, MANTRA’s CEO and co-founder, John Patrick Mullin, will join a panel  by Benzinga to discuss the future of digital assets.

With that in mind, let’s analyze the OM price action and see what’s next after the all-time high.

OM Reaches All-Time High

The weekly time frame OM chart shows that after a rapid upward movement to start the year, OM increased gradually, creating an ascending parallel channel. This all changed last week when the OM price created a large bullish candlestick and broke out from the channel, reaching a new all-time high price of $4.53 today, on Nov. 18.

Last week’s candlestick had a magnitude of nearly 200%, making the increase completely parabolic.

Technical indicators are bullish. The Relative Strength Index (RSI) broke out from its bearish divergence trend line and is increasing, while the Moving Average Convergence/Divergence is also moving upward. Even though both indicators are overbought, neither has generated any bearish divergence.

This swift increase has caused traders like Tom Crown to suggest  that OM can go to $10.

Since the price is at an all-time high, looking at the wave count can help determine if this is likely and where OM will head to next.

What’s Next for OM?

The use of the external Fibonacci tool shows just how much the OM increase has extended since the price has already reached the 4.61 external Fibonacci retracement of the previous drop. While this level often acts as the top, the OM wave count (white) suggests the upward movement will continue.

The wave count implies that the MANTRA price is in the fifth and final wave of its upward movement that started in September 2023. The sub-wave count is in black, showing that OM is in sub-wave three of this five-wave increase, which is often the sharpest.

If the wave count is accurate, the first target for the top of this upward movement will be at $15.66. This will give wave five 0.382 times the length of waves one and three combined. The next target is at $24.95.

Moving on to the minor sub-wave count (yellow), the OM price is in the third sub-wave, and it is also the sharpest in the upward movement. Indicators in short-term time frames do not show any weakness.

Since the minor sub-wave has been extended, the OM price could reach a high of $5.93 before undergoing a minor correction. Then, the upward movement could resume.

OM to Double Digits

After an extremely bullish start to the year, the OM price cooled off during Q2-Q3. Last week, this changed with a 200% price increase that caused a breakout from a parallel channel.

The OM price reached a new all-time high of $4.53 today, on Nov. 18, the wave count implies the increase will continue.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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