Date: Wed, Dec 11, 2024, 09:54 AM GMT
The cryptocurrency market is showing signs of recovery today after experiencing a sharp correction over the last two days, which saw major altcoins in decline.
Amidst this altcoins rebound, Mantra (OM) has come into the spotlight as it stages a strong recovery. Currently trading at $4.14, the token has risen from its 24-hour low of $3.78, recording modest gains following key breakout.

Source: Coinmarketcap
Bullish Flag Breakout:
Mantra (OM) made a key breakout from a bullish flag pattern which was in act since last 3 weeks. After consolidating within a descending channel for several days, OM successfully breached its upper resistance trendline at the $4.09 level. This breakout fueled a swift rally to a high of $4.32, signaling renewed momentum for the token.

Currently, OM appears to be retesting the breakout level, trading slightly lower at $4.14. Retests are a critical phase in technical analysis, as a successful reversal from this level would likely confirm the breakout and pave the way for further upside. If buyers hold their ground here, $OM could approach its next key resistance at $4.53—marked in red on the chart—which is also its all-time high.
A breakout above this significant level would not only reaffirm bullish sentiment but could also set the stage for a fresh rally. In this scenario, OM might target the psychological level of $5, representing a potential 22% upside from its current price.
What To Expect Ahead?
The retest of the $4.09 breakout level will be crucial in determining OM’s next move. If the price holds above this level and reverses upwards, we can expect bullish momentum to accelerate.
From a technical standpoint, the RSI (Relative Strength Index) is trending near 60, indicating moderate bullish momentum, while the MACD shows signs of a potential crossover, which could further support upward movement.
As market sentiment shifts, traders should watch closely for a decisive break above $4.53, which could open the door to a rally toward $5 and beyond.
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Disclaimer
This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a professional before making investment decisions in cryptocurrencies.
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