Will Mantra (OM) price take a sharp bullish exit for a new all-time high to $5 as a new whale wallet enters the list?
As the market stabilizes after a massive crash last night, the DeFi tokens are leading the recovery run. Among the leading pack, Mantra positions itself as a rising token.
Despite the OM token maintaining a sideways shift after a massive surge in November, Mantra is preparing for the next golden breakout run. Will this rally in Mantra result in a price jump to a new all-time high beyond the $5 mark?
In the 4-hour chart, the Mantra price action showcases a sideways trend in the consolidation range. The consolidation range extends from the $3.42 support level to the 38.20% return at $4.5683.
Within the consolidation range, the OM price action forms an ascending triangle pattern. With the local support trending at the 23.60% Fibonacci level at $4.13, the triangle pattern holds its fate.
Currently, the OM token trades at $4.06, with a price jump of 1.94% over the past 4 hours. This recovery challenges the overhead ceiling and increases the chances of a bullish recovery.
The 4-hour RSI line also supports the upside chances as it bounces above the halfway line, reflecting a surge in buying pressure. Further, the dynamic average support lines 50, 100, and 200 EMA lines maintain a positive alignment.
Thus, the technical indicators are moderately bullish despite the consolidation phase.
In case of a bullish breakout, the Fibonacci levels paint the upside price target at $4.9224 and $5.2765. On the flip side, a triangle breakdown will likely retest the 200 EMA line at $3.5401.
Adding to the bullish momentum, a new whale has revealed its interest in OM tokens, signaling growing confidence among large investors. Over the past 12 hours, this newly created wallet has accumulated 2.46 million OM tokens, valued at approximately $9.92 million.
In the past 12 hours, a newly created wallet has accumulated 2,469,999 $OM worth $9.92M from #Binance at a price of $4.01.
0x182215180ecc9b52ccbd057c841585f1b0c8ee10 pic.twitter.com/Ahc8qR4Btt
— Onchain Lens (@OnchainLens) December 19, 2024
At an average price of $4.01, the Mantra tokens were extracted from Binance. Such large-scale accumulation highlights the growing conviction that OM is on the verge of a significant price move.
Based on IntoTheBlock’s in-and-out-of-the-money around the price, Mantra is heading to challenge the supply zone between $4.02 and $4.07.
This out-of-the-money zone holds a volume of 4.03 million OM tokens that could act as the immediate supply. Meanwhile, the add-the-money zone extends from $4.01 to $4.02.
Backing up the Mantra bullish trend, the immediate demand zone extends from $3.90 to $4.01, holding 14.17 million OM tokens. Hence, the massive difference in the immediate demand and supply zones increases the chances of a positive trend.
In conclusion, Mantra’s strong on-chain demand and significant whale entry increase the chances of a consolidation breakout. Thus, OM is well-positioned to target the $5 mark and possibly new all-time highs, provided market conditions improve.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
