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Mantra Price Reaches All-Time High, Cracks Top 100 Cryptos – What’s Next for OM?

Published June 10, 2024 1:27 PM
Valdrin Tahiri
Published June 10, 2024 1:27 PM

Key Takeaways

  • The OM price has increased by nearly 1,500% in 2024.
  • It reached a new all-time high of $1.09 on June 10.
  • Will OM continue increasing, and what is the next target?

The OM price has increased swiftly since the start of a month and reached a new all-time high price of $1.09 today, on June 10. The high is a culmination of an even more substantial increase going on since the start of the year.

Since the OM price faces no more resistance and continues to show robust performance, it’s worth asking: how long will this bullish trend last, and what are the next potential targets?

Mantra’s Increase Leads to New All-Time High

The OM price has been subject to a remarkable increase in 2024. Mantra started January at a price of $0.05 and has increased nearly 1,500% since, culminating with a new all-time high price of $1.09 today on June 10. The previous all-time high was $0.72. So, OM first broke it in January and then did so again in April and June.

Despite the rally being completely parabolic, the price action is still bullish. This is clear by the breakout from a symmetrical triangle and the reclaim of the $0.90 horizontal area. The latter led to the creation of a long lower wick (green icon).

OM Price Upward Movement
OM/USDT Daily Chart | Credit; TradingView

Moreover, the RSI and MACD are both still bullish. The indicators are increasing and neither has generated any bearish divergence yet. So, the daily time frame price action and indicator readings suggest the upward trend will continue.

OM Price Prediction: What’s Next?

The symmetrical triangle existing since March is indicative of a wave four. So, the count suggests the OM price has started the fifth and final wave of its upward movement.

The first potential target for a top is at $1.14. The 1.61 external Fibonacci retracement of wave four creates his target. The second target is at $1.45. Since the OM price has nearly reached the first target and there are no signs of weakness in place, it is possible OM will continue increasing toward $1.45.

OM Price Wave Count
OM/USDT Daily Chart | Credit: TradingView

Despite the bullish OM  price prediction, a close below the $0.90 horizontal area will mean the upward movement has ended. In that case, a lengthy correction toward at least $0.55 will be likely.

Mantra Can Reach $1.45 Before a Correction

Despite a significant increase that led to a new all-time high, the Mantra price shows no signs of slowing down. The wave count gives a target of at least $1.45 before the price can reach a local top.

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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