OM continued to show signs of strength despite the past months of bearishness across the space. Most altcoins are back to bottom but the price remained strong as it sustains bullish momentum.
As altcoins continued to dip, Mantra native token maintained an uptrend and showed no signs of weakness in the short term. Sentiments are still positive, but the trend may change very soon as the price appears extremely overstretched on the higher timeframe.
Today, the price appears weak following a recent rejection at $6.48. This may cause a little pullback before resuming bullish. And if the market repeats the past correctional pattern, OM may subject the trend to a short consolidation phase before rising back.
The monthly outlook also appears overbought but there’s more room for an increase should the bulls sustain pressure. From the look of things, the crypto seems set for a correction. If that happens, the market may revisit $4 for a rebound.
Another pointer to the potential correction is suggested by the daily volume indicator, which is now slowly dropping. A continuous decline there could put the market in a short correction mode before climbing back. Technically, OM remains one of the few tokens yet to shift trend in the past months.
OM’s Key Levels to Watch
https://www.tradingview.com/x/rftnOek3/
If OM reclaims $6.48, a new high may surface around at around $8. It may even reach the key $10 level if the bulls sustain pressure.
The $5.53 level is holding as support. The potential support to keep in mind for a pullback is $4.4. Other support levels to consider for drops are $3.74 and $3.17
Key Resistance Levels: $6.48, $8, $10
Key Support Levels: $5.53, $4.4, $3.74
- Spot Price: $5.88
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.