The Mantra Price Surges 9% in the Last 24 Hours: Can The Bulls Continue The Momentum?

The Mantra price has surged 9% in the last 24 hours to trade at $0.9967  as of 7.30 a.m. EST on a 95% pump in trading volume to $21 million.

The Mantra price has surged 9% in the last 24 hours to trade at $0.9967 as of 7.30 a.m. EST on a 95% pump in trading volume to $21 million.

The OM/USD chart on the 1-hour timeframe shows a strong bullish structure, with a parabolic price move from the support zone around $0.85 up to the current consolidation level near $0.9967.

This sharp increase followed a breakout and was fueled by a bullish crossover between the 50-period SMA at $0.93 and the 200-period SMA at around $0.91.

This crossover is known as a “Golden Cross” and signals a shift in market momentum, indicating that the short-term trend has gained strength over the longer-term trend, often setting the stage for continued upward movement.

The price is currently consolidating just below the $1.00 mark, indicating that the market is pausing as buyers and sellers struggle to gain control.

This consolidation phase is critical as it often precedes a breakout or breakdown, determining the next direction of the trend.

The MACD indicator shows the momentum is still in favor of the bulls, with the MACD line above the signal line and a positive histogram, although the bars have started to shorten, indicating a potential slowdown in bullish momentum.

The Relative Strength Index (RSI) is sitting at 66.57, approaching the overbought territory but not quite there yet, suggesting that there is still room for upward movement.

However, traders should be cautious as the buying pressure might ease up when the RSI reaches the 70 overbought zone.

The current consolidation near $0.9967, just below the psychological $1.00 resistance level, suggests that the market is at a critical juncture.

With the strong bullish momentum from the recent parabolic move and the Golden Cross between the 50-period and 200-period SMAs, the likelihood of a continuation to the upside appears favorable.

If the price can break above the $1.00 resistance level with strong volume, we could see a further rally, potentially targeting the next significant resistance levels around $1.05 and beyond.

Conversely, if the price fails to break above the consolidation zone and selling pressure increases, a short-term pullback is possible, with support likely near the 50-period SMA around $0.93.

This would allow the market to cool off and reset before possibly making another attempt at higher levels.

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