MANTRA (OM) Price Spikes 14%, Closing in on a New All-Time High
OM is among the top cryptos today, with an increase of 14% since yesterday.
Key Takeaways
- OM spiked 16%, now up 14% in 24 hours.
- Lower high suggests possible corrective phase continuation.
- Break above $1.10 could signal a new bullish phase.
Mantra’s OM token spiked over 16% yesterday, Sep. 2, from a daily low of $0.87 to a high of $1.02. Today, it decreased by 14% but is still 14% up in the last 24 hours, making it one of the biggest gainers.
The price of OM reached its all-time high of $1.40 in July, and it moved sideways at the end of August. Is this spike an early sign of a new bull phase leading to a new one?
MANTRA Price Analysis
The price of OM started its last significant bullish runup in December last year when it was trading around $0.01. From there it increased by 9,355% measured to its all-time high of $1.40 on July 21. This concluded the highest degree of five-wave impulse wave, which is why the price saw a downturn.
The price fell to $0.82 on Aug. 20 from an all-time high and bounced at the 0.382 Fibonacci retracement level. The recovery led to a breakout above the descending resistance and a high of $1.07 on Aug. 24.
Despite the bullish price action, OM reverted to the 0.382 Fib level, although slightly higher than before, and found support at $0.87. Its last upward spike on Sep. 2 was a lower high than before and could signal that the recovery from Aug. 20 is corrective.
However, should the price see further upside advancement past the $1.10 area, the outlook could turn bullish, as it already had a slightly higher high. But would that mean a new bullish phase is ahead, leading to a new all-time high?
OM Price Prediction
There are a couple of possibilities for projecting the future OM price pathway. However, most of them aren’t implying that OM could potentially start a significant bull phase leading to a new all-time high.
Most likely, since OM finished a tremendous runup in July the downtrend until Aug. 20 is only the first wave from the higher degree correction. Although we might see further upside movements soon, it is expected to be a corrective ABC.
Its target is optimally projected at the 0.618 Fibonacci retracement at $1.20. But even that should come straight away. In the short term, OM could fall again to the $0.87 area, which would mark the completion of its B wave.
The length of the current rise would confirm these outlooks. If the price starts declining, the primary one would be as seen on the chart. If it persists, it could mean that the C wave is in development, and we anticipate an interaction with the 0.618 Fib level.
And finally, only if this happens later and the price continues rising through this area of $1.20 can we start to consider the possibility of OM heading to a new all-time high.
Mantra Price Reaches All-Time High, Cracks Top 100 Cryptos – What’s Next for OM?
