This Chart Pattern Signals Upward Movement for Mantra (OM) Price – Here’s the Outlook

OM's price dropped a few days ago before recovering to reach record highs. Crypto expert Autumn Riley has highlighted OM's strong performance

Mantra Token (OM) has seen a remarkable ascent in recent times, reaching new all-time highs. A prominent crypto enthusiast on X (formerly Twitter) has highlighted OM’s strong performance, particularly in light of its endeavors to integrate real-world assets on the blockchain.

As the dust settles from a less eventful period, OM has managed to bounce back with some interesting developments and partnerships, piquing the interest of major financial players. Let’s delve into the token’s price movements and chart patterns to gain further insights.

Mantra Price Movement and Trends

A glance at OM’s chart reveals a consistent upward trend since January 27th. The price movements are characterized by higher highs and higher lows, reflecting a bullish sentiment.

After breaking out of a consolidation zone around $5.84 – $5.90, the token price peaked at $6.2950, notably accompanied by surges in volume, indicating strong buying pressure.

The chart also showcases an event where Mantra’s price briefly dipped below the ascending triangle pattern, which could be described as a “fakeout.” However, the price recovered swiftly from this move, establishing a robust upward trajectory, which aligns with the bullish outlook suggested by the chart patterns.

Key Patterns Observed in OM Price Chart

Multiple ascending triangle formations are observed on the Mantra chart, which are generally regarded as bullish continuation patterns. These patterns culminated in a breakout, signaling a further continuation of the upward momentum.

The “fakeout” event below one of these triangles may have triggered stop-losses, but the price quickly rebounded, reflecting resilience in the token’s movement.

Support levels are evident around $5.00, serving as a structural base, with additional support near $5.50. Resistance levels, meanwhile, include the recent high of $6.2950, with future resistance anticipated around $7.00 based on market trends.

Autumn Riley’s tweet further underscores the strong fundamentals that are driving OM’s growth, highlighting “big deals” and “trusted institutions” as key factors in its growth.

MANTRA’s initiative to bring real-world assets on-chain appears to have resonated with the market, contributing to the increased demand for the token. The tweet also points out OM’s ability to recover strongly after dips, which aligns with the price patterns observed on the chart.

Outlook for OM Price Movement

The breakout from consolidation suggests a potential for continued upward momentum, especially with strong volume supporting the move. While OM faces resistance at $6.2950 and possibly $7.00, its upward trend and integration of RWAs position it as a token to monitor closely.

This combination of technical and fundamental factors indicates a promising trajectory for OM’s price in the coming days.

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