With a potential range breakout on the horizon, the Mantra (OM) crypto token is eyeing a new all-time high, with $5 as the key psychological level.
As Bitcoin's price fluctuates near the $98,000 mark, a minor intraday recovery has paved the way for a bullish comeback in Mantra. Over the past 24 hours, the OM token has increased by 3.08% and is approaching a market cap of $4 billion.
Currently priced at $4.20, the Mantra token is gearing up for a possible all-time high. Will the bullish momentum push it past the $5 mark?
Mantra Price Analysis
On the daily chart, the Mantra price trend has exhibited a sideways shift after a massive bullish jump in mid-November. Between November 14 and 17, the price surged 204%, from $1.3891 to $4.2314.
Mantra Price Chart
Following the formation of four consecutive bullish candles, the OM price trend has shifted to a sideways pattern. On the 4-hour chart, this sideways movement creates a consolidation range between $3.45 and $4.23.
A bullish reversal within this consolidation range is now challenging the overhead resistance. This "glass ceiling" coincides with the 23.60% trend-based Fibonacci level at $4.1934.
With a rapid recovery in play, the chances of a bullish breakout for Mantra have significantly increased, especially with Bitcoin's minor recovery. The breakout is supported by a positive MACD crossover and improving market sentiment.
Additionally, the simple moving average (SMA) lines on the 4-hour chart—50 and 100 SMAs—show a positive alignment, further supporting the bullish outlook.
Will OM Token Reach $5?
Using trend-based Fibonacci levels, a breakout from the consolidation range could propel the altcoin toward a new all-time high. The 38.20% Fibonacci level at $4.6524 is a potential price target.
However, the 50% Fibonacci level at the $5.00 psychological mark is a favorite among traders and investors. On the downside, crucial support levels are at $3.93 and $3.75.
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