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MANTRA (OM) Makes New All-Time High Despite Market Downturn

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • Breakout confirmed from long-term consolidation pattern.
  • Elliott Wave structure aligns with bullish continuation.
  • RSI nearing overbought but holding strength.

MANTRA (OM) has shown remarkable price action across multiple time frames, breaking out of critical patterns and setting up for potential continuation in its impulsive Elliott Wave structure.

It reached a new all-time high, slightly above $5, on a 57% rise on Sunday. Despite the parabolic increase, the price is still not overbought, indicating more upside room. What will be its next target? 

OM Price Analysis

The daily chart for OM illustrates the completion of a prolonged consolidation phase in Wave 4, confined within a symmetrical triangle.

The breakout above this pattern at the $4.00 level signifies renewed bullish momentum, aligning with the beginning of Wave 5.

This phase often marks significant price expansion. The price reached above $5 on Jan 26, making a new all-time high.

OM price analysis
OMUSD makes new all-time high | Credit: Nikola Lazic/TradingView 

The daily chart Relative Strength Index (RSI) has risen sharply but remains below overbought conditions, suggesting room for further upside.

The clean impulse from Wave 4 lows and the strong breakout candle indicate robust buyer interest, as we saw an increase of 57% in one day. 

Although we saw signs of struggle below $5, the upside potential remains. Support remains solid near the breakout point around $4.00, which aligns with the previous triangle resistance turned support.

Considering that $5 is a round number, it is a psychological level for the selling orders.

Its surpassing will indicate more upside ahead, while a fall below $4 will indicate the completion of the long-lasting bull phase. 

OM Price Prediction

Zooming into the 1-hour chart, MANTRA is amid a well-structured Wave (i) within the broader Wave 5.

Following the breakout, the price reached the 0.618 Fibonacci extension of $5.01 before entering a consolidation phase, potentially forming Wave (ii).

A retracement to the 0.5 ($4.81) or 0.382 ($4.62) Fibonacci levels is plausible, offering a potential reversal for a retest of the prior resistance for support. 

OM price prediction
OMUSD more upside expected | Credit: Nikola Lazic/TradingView 

Wave (iii) is projected to lead the price to $6.10 (1.272 extension), with Wave (iv) expected to correct slightly before the final push in Wave (v) toward $7.32 or $7.78.

RSI momentum on the lower time frame remains strong but shows minor divergence, suggesting that a brief consolidation or pullback is likely before the next impulsive move. Sustained volume will be key in confirming these targets.

With the long-term breakout intact and short-term consolidation aligning with impulsive wave theory, MANTRA appears well-positioned for further gains, barring a breakdown below $4.00 that would invalidate the bullish scenario.

Key Levels to Watch

  • Immediate Resistance: $5.01 (0.618 Fibonacci extension).
  • Secondary Resistance: $6.10 (1.272 Fibonacci extension).
  • Major Resistance: $7.78 (1.618 Fibonacci extension, Wave 5 target).
  • Immediate Support: $4.81 (0.5 Fibonacci retracement).
  • Critical Support: $4.00 (prior breakout level).
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.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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