- Altcoin has been depreciated since ATH last week
- Gaining profit can prevent OM from hitting another ATH in the future.
After the surge of more than 53% in the last month and ignored a wider market slump, Mantra (OM) recorded a new all -time high (ATH) of $ 6.48 on February 6. This milestone was made after almost 1800% growth last year, and fuel was partially supplied due to the sound of the winding of the RWA (Real World Asset) project.
But as often after reaching major psychological prices, OM has seen a series of profits to introduce some red candles on the everyday charts. Since the long -term strong structure is still in progress, there is a matter that the trader should be careful next.
Can OM Bulls promote another ATH?
Source: TradingView, About/USDT
Over the past year, the 50 -day index moving average (EMA) has cushed OM’s price dip stably. The Prestime EMA has been closely adjusted to the immediate level of support near $ 4.6.
OM retreated after testing the upward trend resistance (white trend line) near $ 6.48. These fullbacks are common after significant rally, but the wider rising structure remains the same as the price is maintained above 50 days.
If the OM pops out in the range of $ 4.6 – $ 4.7, Bulls can aim to run another run at $ 6.48 ATH. But near this support, it can cause deeper correction towards $ 4.30.
The relative intensity index (RSI) in the daily period comes to mind near 59 and shows more disadvantages when the weakness continues. Nevertheless, rapid recovery of more than 60-65 can encourage buyers to resume higher levels.
The reason why merchants should be carefully optimistic
Source: High Block
Trading volume has soared to 361.3m, up almost 60%. This is a sign of new interest in OM’s futures market. On the other hand, the public interest dropped to 429m, down 3%, indicating that some traders escaped after OM recorded a record high.
Overall, the long and short ratio seemed to be slightly optimistic at 1.05. But in Binance, more traders bet on OM (short positions dominate at a ratio of 0.54). I saw a moderate liquidation to reaffirm the short -term volatility more than all longer and short merchants.
It is also important to monitor the overall market trend and the trajectory of Bitcoin. OM’s foundations and growing RWA stories have a favorable long -term perspective, but the short -term prospects depend on whether the bulls can defend the 50 -day EMA support.
Indemnity Clause: The information presented does not make up financial, investment, transactions, or other types of advice, and is entirely the artist’s opinion.