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Analysis

MANTRA [OM] price prediction – New highs after breaching July’s levels?

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MANTRA token prices could face a minor dip around the $1.48 zone in the short-term.

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MANTRA [OM] price prediction - New highs after breaching July's levels?
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  • MANTRA token has a strongly bullish outlook for the coming weeks
  • Liquidation heatmap noted a magnetic zone at $1.5 that could stall the trend

MANTRA [OM], at press time, had broken past its July highs after recording a 69% rally since 8 September. The selling pressure on Bitcoin [BTC] that forced it from $66.5k to $59k in October hardly dented OM’s bullishness.

The breakout past its recent highs, combined with the steady buying pressure, meant that bulls could target greater gains. Such a move could take a while to materialize if the price is attracted to the $1.3 liquidity pocket next.

Chances of sustained price gains for OM

Mantra 1-day Chart

Source: OM/USDT on TradingView

As things stand, the evidence pointed towards the continuation of an uptrend. The market structure on the daily chart has been bullish since the first week of September. The CMF has been above +0.05 for the majority of the past two weeks.

This showed significant buying pressure behind OM. The moving averages formed a bullish crossover and indicated upward momentum on the daily chart.

In case of a price retracement, the $1.25 and $1.1 levels can be expected to serve as support. It is more likely that the $1.41 level is flipped to support in the coming days and the overhead Fibonacci extension levels at $1.6 and $1.9 are targeted.

Liquidation levels showed a minor price dip could be looming

OM Liquidation Heatmap

Source: Coinglass

The 2-week lookback period revealed that the $1.48 zone has a noticeable cluster of liquidation levels. It is possible that the price is attracted to this zone, before being forced lower.

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And yet, it is also possible that the strong bullishness forces the price well beyond the cluster of liquidity overhead, as it did on 4 October. Overall, though OM might see a minor dip towards $1.3-$1.35, it is expected to trend higher in the coming days.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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