Mantra's price broke out of the falling wedge pattern, rising by 3.50%. This move hints at a potential direction change.
Mantra's Breakout from Falling Wedge
OM's price had been in a prolonged downtrend, forming lower highs and lower lows within a falling wedge. The breakout from this pattern around $6.20-$6.50 indicates a bullish reversal. Breaking through the upper line of the wedge typically signals an upward move, indicating more buyers entering the market. The current Mantra price suggests a new support level at $6.20-$6.50.
OM Market Conditions and Bitcoin's Influence
The broader market trend, particularly Bitcoin's price movement, could play a role in OM's next move. According to analyst AMCryptoAlex, OM aims to reach a new all-time high if Bitcoin holds above $82,000. However, if Bitcoin undergoes a correction, Mantra's price may test lower support zones.
Mantra's Future Outlook
With rising trading volume and a 3.50% price increase, OM's breakout signals a potential continuation of the uptrend. If Bitcoin maintains its levels, OM's price could test resistance levels and move toward new highs. Nevertheless, market conditions remain a crucial factor.
The recent breakout of Mantra from its falling wedge highlights possible changes in the token's market. Considering Bitcoin's influence, investors are watching for potential developments.
