Despite the market capitulation over the past day, where $2.15 billion was liquidated from the crypto market, surpassing even the dramatic crashes of FTX and LUNA, Mantra (OM) has shown resilience.
With a 5% price increase over the last 24 hours and a massive 161.48% surge in trading volume, OM’s price sits at $5.33, fueling speculation about its potential to reach $10.
Crypto expert BitBull has spotlighted Mantra’s institutional support on X, which is seen as a primary driver of its price pump. BitBull cited research indicating that OM is backed by prominent entities, including Dubai’s sovereign wealth funds, Mubadala, JADA, ADQ, and Saudi Venture Capital. The analyst described OM as a “must-have altcoin” and highlighted strong buying pressure at every dip, reinforcing the perception of a long-term bullish outlook.
This institutional backing lends credibility to the project, potentially attracting more investors to the token. The association with significant financial institutions has also bolstered market confidence, contributing to OM’s recent price momentum.
What you'll learn 👉
Mantra Price Chart Patterns Signal Bullish Trends
The OM chart displays a clear uptrend, with the token reaching significant highs after a prolonged period of consolidation. A marked support zone between $0.20 and $0.30 served as a launchpad for the recent rally, while resistance at $1.60 indicates a possible level to watch for further price movements.
The pattern of higher highs and higher lows suggests a bullish trajectory, while the sharp price rise indicates substantial buying pressure. Although high volatility is evident, the consistent recovery from dips underscores the strong market interest in the token.
Read Also: Ripple (XRP) Price Falling as Predicted: How Low Can It Dip?
Community Sentiment and Market Performance
The broader cryptocurrency market’s challenges have not deterred OM’s price upward movement, partly attributed to the bullish sentiment surrounding the token. BitBull amplifies this enthusiasm, encouraging retail and institutional interest. As the market grapples with liquidation pressures, OM has managed to carve a niche for itself, showing resilience and a potential for further gains.
Could OM Price Reach $10?
Given its strong chart patterns, institutional backing, and growing market interest, OM’s price is well-positioned for continued growth. While the $10 target is ambitious, the current momentum and increased trading volume suggest that the token’s bullish narrative remains intact. However, investors are advised to monitor resistance levels and overall market conditions before making decisions.
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