Over the past week, Mantra's token price witnessed a significant rally, surpassing previous resistance levels and opening avenues for further growth.
Key Price Movements and Resistance Breakout
Crypto analyst Quinten revealed that OM saw a remarkable 61% price increase, moving past the $4.50 resistance. This marked a crucial milestone as the $3 to $4.5 range had been a consolidation area. The breakout suggests a shift in market sentiment and could indicate the start of a new price cycle for OM.
The Role of Fibonacci Levels in Price Discovery
Fibonacci levels are commonly used to predict potential price targets and areas of resistance. OM has reached the 1.272 level, and traders are watching whether it’ll hit the next major level at 1.618. Should it break above 1.618, a push toward the 2.618 mark at $7.15 is possible.
Market Sentiment and Future Outlook
The outlook for OM is positive, having broken out of its previous trading range with strong price movement. The next phase hinges on maintaining momentum at the 1.618 level. Traders are eyeing the major targets at $5.56 and $7.15 to determine the future price direction.
Recent price movements of Mantra demonstrate how swiftly changes can occur in the crypto market, highlighting the importance of technical analysis in trading decisions.
