The crypto market has witnessed impressive price action from OM lately. After months of sideways movement, OM has broken out of its consolidation phase
After months of sideways movement, OM has finally broken out of its consolidation phase, gaining strong momentum and outperforming other altcoins. Over the past week, OM's price climbed to new highs of $5, and at writing, it sits at $5.23. This comes amidst growing interest in real-world asset (RWA) narratives, which appear to be driving further market optimism.
Beginning in late 2024, OM’s price demonstrated a strong upward trajectory. Following this, it entered a consolidation phase, where the price oscillated between well-defined support and resistance levels. This consolidation formed a rectangular pattern that lasted for several weeks, acting as a preparation stage for the next significant move.
The breakout occurred when OM's price surged above the consolidation resistance level, confirming bullish sentiment in the market. Breakouts like these often indicate renewed investor interest and the potential for continued upward momentum. Analysts have noted that the $5 price mark could now act as a psychological support level as OM attempts to reach higher targets.
Key technical levels are playing a pivotal role in OM’s current price movements. The lower support zone, marked during the consolidation phase, provided a foundation for price stability, while the upper resistance zone served as the breakout point. With the breakout confirmed, the resistance has turned into support, strengthening the bullish case.
Volume data, though not visible on the chart, is a critical factor during breakouts. Higher trading volumes often accompany such moves, reinforcing their validity. Traders are monitoring Mantra’s ability to hold above $5, as this level may determine the sustainability of the uptrend.
Given the token’s current momentum, OM could potentially reach $15, a level indicated by the chart projection. This projection suggests a continuation of the bullish trend, with possible higher highs and short-term corrective pullbacks along the way. However, the ongoing interest in RWA narratives could act as a catalyst for further growth.
Moreover, OM’s strong price performance is fueling its potential for future pumps. The token also can deliver substantial returns, increasing the fear of missing out (#FOMO) among traders.
As Mantra’s price maintains its bullish trajectory, traders and investors are keeping a close watch on its next moves. Whether the token can reach the anticipated $15 target remains to be seen, but its recent performance has undeniably caught the attention of the market.
