MANTRA [OM] rate forecast– Traders, look out for these retracement levels!

Reporter

Published: November 16, 2024

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• Strength of MANTRA’s rise recommended that additional gains might be most likely
• Cost may not backtrack as deep as traders would desire or anticipate

MANTRA [OM] has actually been trending greater because February. Numerous durations of combination in the previous 9 months saw the altcoin type a variety before it continued the uptrend. It varied from the majority of the other possessions, which had actually been trending south or sideways given that March.

On 14 November, OM broke out past the regional highs at $1.62. Ever since, it has actually rallied by 48% on the charts. The quick gains left little time for assistance levels to be developed. Will MANTRA set brand-new highs quickly?

OM dealt with rejection at $2.71– Is $2 the next short-term target?

Source: OM/USDT on TradingView

OM acquired by 50% in the last 24 hours and set brand-new all-time highs beyond $1.6. The Fibonacci extension levels described $2.41 and $3.19 as the targets to the north. At press time, MANTRA had actually currently moved beyond $2.41, however it might deal with a retracement in the coming days.

Considering that it is a booming market and belief appeared to be enthusiastically bullish, the possibilities of a deep retracement might be low. A Bitcoin [BTC] plunge of 15% or more within a couple of days would be required to slash altcoin costs by 40%-70%.

At the time of composing, such a deep correction for Bitcoin did not appear most likely. OM traders require to be prepared for additional upward momentum.

Short-term assistance zones MANTRA can go to

On the 1-week look-back liquidation heatmap, we can see that the $2.14 area has a cluster of liquidity that might drag rates to it.

Given that the token has actually remained in a rate discovery mode, the liquidity levels didn’t appear to be as thick as the long-lasting ones.

The 24-hour chart likewise highlighted $2.14 and $1.94 as short-term assistance zones which MANTRA can rebound from. The highs around $2.7 likewise saw an accumulation of brief liquidation levels.

Read MANTRA’s [OM] Rate Prediction 2024-25

It is uncertain whether OM would backtrack, and how deep or long this drop can take it. The $2.14 and the $2 mental level would be appealing for purchasers.

With BTC maintaining its upward momentum, OM might be most likely to preserve its upward trajectory.

Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of recommendations and is entirely the author’s viewpoint.

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