MANTRA [OM] Price Prediction: Traders, Watch Out for These Retracement Levels!

Potential Retracement Levels to Watch Out for in MANTRA [OM] Price Prediction

Since February, MANTRA [OM] has shown a consistent upward trend, with periodic consolidation phases over the past nine months leading to an overall uptrend. This is in contrast to many other assets that have either remained stagnant or declined since March.

Breaking past the local highs at $1.62 on 14 November, OM has surged by 48% in the following period, with a rapid ascent that left little time for the establishment of solid support levels. The question now is whether MANTRA is poised to reach new all-time highs in the near future.

Key Resistance at $2.71 – Could $2 Serve as the Next Immediate Target?

In the last 24 hours, OM has registered a 50% gain, pushing to new record levels exceeding $1.6. Fibonacci extension projections have identified $2.41 and $3.19 as the next targets on the upside. Although MANTRA has already surpassed $2.41 at the time of writing, a potential retracement may be on the horizon.

Given the current bullish market sentiment, the likelihood of a significant retracement appears minimal. A substantial correction in Bitcoin [BTC] of more than 15% would be necessary to trigger a 40%-70% decline in altcoin prices.

As of now, there are no clear indications of such a drastic correction in Bitcoin. Consequently, traders of OM should be prepared for a continuation of the bullish momentum.

Identifying Short-Term Support Levels for MANTRA

Analysis of the 1-week liquidation heatmap reveals a notable liquidity cluster around the $2.14 level, which could act as a magnet for price retracement.

Given the ongoing price discovery phase, short-term liquidity levels appear less significant compared to long-term benchmarks.

Short-term support zones highlighted on the 24-hour chart include $2.14 and $1.94, offering potential bounce-back zones for MANTRA. Additionally, the price levels near $2.7 show accumulation of short liquidation positions.

While the extent and duration of any potential retracement in OM remain uncertain, levels around $2.14 and the psychological barrier at $2 could entice buyers back into the market.

With Bitcoin maintaining its upward trajectory, there is a strong possibility that OM will continue its upward journey as well.

Disclaimer: The views expressed in this analysis are personal opinions and do not constitute financial advice, investment recommendations, or trading guidance.