MANTRA (OM) Price Revisited $1 Mark: Can Bulls Flip $1.20?
The price of MANTRA (OM) recently dipped and revisited the $1 mark, experiencing a decrease of over 26% from its all-time high. This decline can be attributed to profit booking at the highs, as the broader market also experienced a selloff.
Despite the recent downturn, OM token has been one of the best-performing crypto assets, with a remarkable rise of over 5800% in the past ten months. Its all-time high was recorded at $1.41 on July 22, 2024.
Currently, the Mantra (OM) price is hovering around the $1 mark and has shown resilience by consolidating and holding the cluster throughout the week. While there has been a rebound in the crypto market, the token still lacks significant buying activity and lower trading volume.
However, there is still a bullish sentiment on the chart, with the price trading at $1.03 and experiencing an intraday surge of 6.98%. Despite this, the trading volume has dropped over 34%, indicating lower investor optimism.
According to @DaanCrypto on Twitter, OM is one of the few coins that has been able to maintain its bullish market structure during the recent market volatility. The tweet also suggests that the token will continue to perform well when the market picks back up.
Technical indicators show a negative divergence with the RSI dropping to the oversold region and the CMF indicator reflecting significant selling pressure. This implies that there may be further price decline in the near future.
On a positive note, the Total Value Locked (TVL) for OM has seen a significant rise, indicating increased capital locked into DeFi protocols. This rise in liquidity and popularity may influence the price positively. At the time of writing, the TVL for OM is $1.86 million with a liquidity of $3.75 million.
Weighted Sentiment data projects a positive sentiment among investors, indicating confidence in the token and the likelihood of price accumulation. Social dominance data also shows increased activity and discussions about OM, suggesting growing interest among investors.
In terms of futures open interest, there has been a decline of over 3.87% in the past 24 hours, which could trigger a short covering move if the price continues to rise.
If the OM price continues to gain momentum, it may reach the resistance marks of $1.20 and $1.40 in the future. However, if there is a retracement, the immediate support zone is at $1, followed by $0.87 in the short term.