The crypto market continues to face bearish pressure, with the total market cap at approximately $2.64 trillion. Bitcoin is currently priced at $83.3K, while Ethereum stands at $1.5K. On the altcoin front, MANTRA (OM) leads the gains, soaring by 25%.
MANTRA (OM) started the day trading at approximately $0.6237, with bullish momentum pushing the price up to $0.9468. At the time of writing, OM is trading at $0.7784 with a market cap of $754 million.
Over the past 24 hours, the asset has seen liquidations totaling $17.77 million, while its daily trading volume has reached $1.45 billion. However, OM has faced significant losses, dropping over 88% in the last seven days. The week began with OM trading at $6.83, but bearish pressure steadily drove the price down to $0.5006.
The Future of Mantra: What’s Next?
OM’s Moving Average Convergence Divergence (MACD) line and signal line are positioned below the zero line, indicating strong downward pressure and a growing negative market sentiment.
The Chaikin Money Flow (CMF) indicator, currently at -0.15, suggests that money is flowing out of the asset, signaling a bearish trend and potential selling pressure on the market. At the same time, the trading volume of MANTRA has seen a significant increase of over 40%, indicating heightened market activity.
If the asset continues on an upward trajectory, bullish momentum could push the price of MANTRA (OM) to the $0.85 range, with potential to reach as high as $1. On the downside, bearish pressure could see OM’s price drop to $0.70. Further declines might drive the price down to $0.5 or even lower.
Currently, MANTRA is in oversold territory, as indicated by the daily Relative Strength Index (RSI) at 17.22. Additionally, the Bull Bear Power (BBP) value of -0.8902 signals that bears are currently dominating the market.
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