The Mantra (OM) token could be gearing up for a major breakthrough! Clear bullish signals and significant accumulation have been detected, hinting at an imminent crucial moment. Are we on the brink of a spectacular surge? Find out more.
According to SpotOnChain, a significant accumulation event has occurred over the past four days. In total, 61.52 million tokens (OM), representing 3.4% of the total supply, have been withdrawn from Binance by 19 new wallets, likely belonging to a single entity. These purchases were made at an average price of $6.82, amounting to an impressive total of $420 million.
Despite this massive accumulation, the entity in question is currently facing a latent loss of $14.2 million, representing a 3.39% decline. The scale and timing of this accumulation suggest that institutional investors are positioning themselves for a potential upward move on (OM), even as the market experiences short-term corrections.
The technical analysis of (OM) price indicates the formation of a double bottom, a pattern often associated with bullish trend reversals. This pattern occurs when an asset finds support at a key level twice, signaling that sellers are losing momentum while buyers start to intervene.
(OM) initially rebounded from the $6 support to its neckline at $7.06. A second test of this level might be underway as it loses support from its 50-day moving average. If the price manages to hold at this level and reverse upwards, it could confirm the double bottom and pave the way for a bullish breakout above the neckline at $7.06. Such a setup, accompanied by significant volumes, could trigger a significant recovery move. The crypto would then target the next major resistance levels at $8.19 and $9.08.
However, if (OM) fails to defend the $6 support, this pattern would be invalidated, increasing the likelihood of further downside. Traders will need to monitor the price action evolution closely in the days ahead.
Mantra (OM) is at a critical juncture where accumulation data and technical indicators point towards a potential bullish trend reversal. If significant buyers continue their purchases and (OM) manages to defend the $6 support, the chances of a bullish breakout from the double bottom increase. However, broader market factors, including Bitcoin performance and Ethereum price movements, need to be considered.
These will play a crucial role in determining whether (OM) can sustain its momentum or face additional downside pressure. So, is it the right time to buy OM? If you want to invest today, here’s how to do it with Bitget :
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
