Mantra (OM) Price Breaks Free! Could It Hit a New All-Time High This Month?

MTM 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

Mantra (OM) has shown surprising strength in the face of the broader market's uncertainty. Even as other tokens faced pressure, OM broke out of a falling wedge pattern, hinting at a possible change in direction.

This breakout has brought Mantra closer to retesting its all-time high (ATH) of around $10.80, a level that could be reached if Bitcoin (BTC) holds above key price tiers.

Mantra Breaks Out Of Falling Wedge

Mantra’s price had been slowly forming a falling wedge as it fell from its ATH to lower highs and lower lows. The lower support level of the wedge is at approximately $6.20-$6.50, while the upper resistance is at about $5.50-$5.80.

Typically, when prices break through the upper line of a falling wedge, it signals an upward move. This breakthrough suggests that more buyers are entering the market, which could lead to higher prices.

This price action has turned previous resistance at $6.20-$6.50 into support, strengthening the token’s bullish outlook.

If the price remains above this zone, momentum could continue upward, with the next resistance level at $7.50-$7.80. This is a previous high that could act as a barrier to further gains.

However, if buying pressure persists, the next potential resistance zone is $8.50-$9.00, aligning with historical levels.

Mantra Price Could Hit New ATH This Month

In a recent X post, top analyst AMCryptoAlex noted Mantra’s breakout and potential for a new ATH this month:

“$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 tiers.

If Bitcoin undergoes 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 has shown surprising resilience in the face of market volatility. If Bitcoin maintains support and the broader market follows suit, Mantra could be poised for a continuation of its uptrend, setting the stage for a potential test of new all-time highs. Nonetheless, traders are advised to proceed with caution and prioritize risk management in their trading strategies within the dynamic cryptocurrency market.