Despite a worldwide market crash, the Mantra price has displayed a strong bullish reversal hours after testing its 24-hour low of $5.71. While top cryptocurrencies such as Bitcoin, Ethereum, XRP, & Solana experienced a major price cut, this altcoin has managed to bag a surge of 10.21%.
Moreover, technical sentiments indicate a higher price target during the upcoming days, resulting in it drawing investor’s interest toward it. However, marketers are concerned with questions like “Is this a good time to invest in crypto?” and “Will OM Price rise back up?”
OM Price Records A Strong Bullish Reversal!
With a 327% surge in its trading volume to $212.86 million, the Mantra crypto price has displayed an impressive price action. This has resulted in it coming under the spotlight of the cryptocurrency community. Notably, this altcoin has formed a triangle pattern and has been trading within it since mid-February. However, it is hovering around its support trendline and is on the verge of testing, the outcome of which is uncertain.
The Cross EMA 50-day displays act as a resistance to the OM price chart, however, the 200-day EMA acts as a significant support to the price chart in the daily time frame. This suggests an increase in the buying-over-selling pressure for the altcoin in the cryptocurrency market.
On the other hand, the RSI indicator successfully retests its oversold range in the daily time frame. With its average trendline displaying a bullish convergence, the 12th largest cryptocurrency may continue gaining momentum over the bears this week.
How High Will Mantra Price Rise?
Considering the present market sentiments, if the bulls regain momentum, this could result in the price of OM crypto token heading toward its resistance trendline of the triangle pattern. Maintaining a bullish sentiment may push the price of this altcoin toward its upper resistance level of $7.11 this week.
On the flip side, if the bers outrun the bulls, this could act as a catalyst in the Mantra coin price dropping toward its support of $6 shortly. Furthermore, if the bearish sentiment intensifies, in that case, the price of OM coin could crash near its crucial support zone of $5.61.
Also Read: MANTRA (OM) Price Pumps 50% After $1B Tokenization Deal
