Journalist
Published:
- Crypto Mantra rose 65%; will the upward trend continue during the week?
- Whales have not reduced their exposure despite OM’s triple-digit rally last week.
Crypto Mantra dominated the RWA (real world assets) tokenization sector during the weekend pump. Its native token, OMjumped about 65% on November 17, bringing its weekly gains to 194%.
Interestingly, whales held their positions despite the triple-digit rally, suggesting bullish conviction for likely further gains. Can late bulls still enjoy the party?
Mantra Cryptographic Key Re-Entry Levels
Source: OM/USDT, TradingView
On the 12-hour chart, the recent uptrend has seen a massive market re-entry via price imbalances (FVG – fair value gaps).
Theoretically, prices tend to move back towards these imbalances (yellow areas on the candlesticks), thus allowing scalp traders to enter the market.
If the trend continues, traders can consider FVG above $3.5 or $2.6 with upside targets at $5.2 or $6.
The first scenario could offer a potential gain of 30%, while the second long position could offer returns of almost 100% if the price returns to re-entry levels and targets $5.2.
That said, the Stochastic RSI was already in the overbought zone, while the OBV (on-balance volume) reached an all-time high. This means that OM suffered strong buying pressure despite a potential price reversal.
Whales remain optimistic
Source: Hyblock
Whales’ long positions on OM supported the aforementioned bullish conviction and long position ideas.
Notably, Whales positions (green bars on Whales vs Retail Delta) remained unchanged despite massive triple-digit gains recorded over the weekend.
This suggests that whales were confident of greater upside potential and did not choose to book their profits early enough.
If so, another uptrend for Mantra (OM) was likely, and ideas for split long positions could be validated in such a scenario.
Read Mantra (OM) Price Prediction 2024-2025
Additionally, a large liquidity pool at $4 (bright yellow on the opposite side of price action) could entice market makers to go for a liquidity grab and provide an even better reentry for scalps.
However, a prolonged pullback below $2.6 could invalidate the bullish outlook and potential long positions.
Source: Coinglass
