Mantra broke out of its falling wedge pattern, hinting at a possible change in direction. Even with the market’s uncertainty, OM’s price has shown strength. The token is now at $6.83, up 3.50%, and trading volume has jumped 40%.
Top analyst AMCryptoAlex noted OM’s breakout, stating, “$OM doesn’t care about the market dump. It just broke out of its falling wedge pattern and is now aiming towards the previous ATH. If BTC holds above the $82K level, OM could hit a new ATH this month.” This suggests that OM’s trajectory could be influenced by Bitcoin’s stability above key price levels.
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Mantra Breakout From Falling Wedge Pattern
OM’s price had been in a prolonged downtrend, forming lower highs and lower lows, which were contained within a falling wedge. The breakout from this pattern at approximately $6.20-$6.50 indicates a bullish reversal.
When prices break through the upper line of a falling wedge, it typically signals an upward move. This breakthrough suggests more buyers are entering the market, which could lead to higher prices. This price action has turned previous resistance into support, strengthening the token’s bullish outlook.
Following the breakout, Mantra’s price now has immediate support at $6.20-$6.50. If the price remains above this zone, momentum could continue upward. A secondary support level lies at $5.50-$5.80, should a pullback occur.
On the upside, OM faces resistance at $7.50-$7.80, a previous high that could act as a barrier. If buying pressure persists, the next potential resistance zone is $8.50-$9.00, aligning with historical levels. Clearing these thresholds could position OM closer to its all-time high.
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OM Market Conditions and Bitcoin’s Influence
The broader market trend, particularly Bitcoin’s price movement, could play a role in OM’s next move. The tweet from AMCryptoAlex emphasized that OM’s potential for a new all-time high depends on Bitcoin maintaining levels above $82,000. If Bitcoin remains stable, OM’s breakout could extend further.
Conversely, if Bitcoin undergoes a correction, Mantra’s price may retest lower support zones before continuing upward. Traders are closely monitoring volume trends and BTC’s performance to assess whether the bullish momentum in OM can sustain itself.
Mantra Future Outlook
With rising trading volume and a 3.50% price increase today, OM’s breakout signals a potential continuation of the uptrend. If Bitcoin maintains strength, OM’s price could test resistance levels and move toward new highs. However, market conditions remain a factor, and traders are watching for confirmation of sustained momentum.
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