OM hit another record high, and gets set to hit a double-digit value
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Key Takeaways
OM’s price reached a new all-time high, cementing its position as this year’s top performer.
On-chain data shows strong support for resuming the uptrend after the recent consolidation.
The 4-hour chart shows a bull flag formation similar to the previous breakout to a new high.
MANTRA (OM) continues to hold the line as the best-performing cryptocurrency out of the top 100 this year. Year-to-date (YTD), OM’s price has increased by 124% and hit a new all-time high of $9.04 on Feb. 23
However, in the last 24 hours, the altcoin has fallen by 6%, erasing some of its gains over the weekend. Despite that, it does not seem that the token’s price might continue to hit lower values.
Instead, this analysis reveals why OM might soon be in the league of cryptos with a double-digit value.
About one week ago, OM’s price hinted at a rally toward the $10 mark. But around the same period, whales sold off some of their assets, delaying that potential run.
Today, several indicators suggest that the uptrend might be back on track. However, the most important signal is the flashing In/Out of Money Around Price (IOMAP).
The IOMAP considers the volume of tokens with unrealized losses or profits to spot support and resistance. Typically, the higher the profit volume, the stronger the support.
On the other hand, a higher volume of losses indicates a sell-wall and potential resistance.
Based on IntoTheBlock’s data, support for OM exists at several price levels. First, it exists between $7.63 and $7.68, where 30 MANTRA addresses purchased nearly 18 million tokens.
Another major support lies between $8.34 and $8.47. In this region, 18 addresses accumulated over 12 million OM.
OM In/Out of Money Around Price | Credit: IntoTheBlock
Due to a larger volume of money, the altcoin is unlikely to face any major resistance ahead. If so, the new OM all-time high could be close.
OM Price Analysis: Bull Flag Shows Up
From a technical point of view, the 4-hour chart shows that OM’s price hit a new high yesterday after breaking a bullish flag.
As seen below, the altcoin formed a flagpole, leading to an uptrend from $5.45 to $8. Later, the price consolidation before another breakout drove OM’s price to $9 over the weekend.
At the time of writing, the token has formed another bullish flag. However, it is trading sideways between $8.38 and $8.65. In addition, the Money Flow Index (MFI) reading has increased, indicating buying pressure around the cryptocurrency.
If this remains the same, another breakout similar to the previous one could be impending. If that is the case, then OM’s price might jump to $10 and hit a new high.
However, if the cryptocurrency’s value fails to rise above $8.65 in the short term and buying pressure fades, this rally might not happen.
Instead, OM could decline to $7.35 at the 0.382 Fibonacci retracement level.
If profit-taking intensifies, this value could be lower, and the altcoin might risk dropping to $6.20.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
