Let's take a quick look at OM, the coin of the Mantra project, which is a comprehensive DeFi platform offering features like Bridge, Swap, Staking, and Liquidity pools. OM is currently positioned with a market cap of $7.39 billion, ranking it 22nd in coin market cap.
🔍 In the 4-hour timeframe, we're observing a strong upward trend that has been present even in higher timeframes—a very robust trend. After breaking the ceiling at $4.4115, the next upward leg has begun.
🥸 During this upward trend, there are three key supports where price pullbacks ended, and these could assist in future deep corrections.
✨ The first and second supports are at $4.8856 and $5.4684, respectively, which are quite distant from the current price, but the support at $7.2335 is more immediate and likely more vulnerable to breaking.
📈 For a long position, entering upon breaking $7.7601 seems sensible, as this could initiate the next leg up.
📊 Volume is currently supporting this position, and the target, according to daily Fibonacci levels, could be around $11.0181. A break of 79.36 in the RSI would provide good momentum confirmation.
🔽 Conversely, for a short position, the trigger at $7.2335 could be suitable, and breaking this area could lead to corrections to the lower zones I've outlined.
🔑 If the upward trend in higher timeframes turns out to be a fake and the price returns to the range between $3.4382 and $4.4115, it would indicate a loss of bullish momentum. A break below $3.4382 could signal a long-term trend change.
✅ This last scenario is particularly relevant for long-term traders and holders. So, if you are looking to set a stop-loss for OM, activating it upon breaking $3.4382 could be prudent.
🔍 In the 4-hour timeframe, we're observing a strong upward trend that has been present even in higher timeframes—a very robust trend. After breaking the ceiling at $4.4115, the next upward leg has begun.
🥸 During this upward trend, there are three key supports where price pullbacks ended, and these could assist in future deep corrections.
✨ The first and second supports are at $4.8856 and $5.4684, respectively, which are quite distant from the current price, but the support at $7.2335 is more immediate and likely more vulnerable to breaking.
📈 For a long position, entering upon breaking $7.7601 seems sensible, as this could initiate the next leg up.
📊 Volume is currently supporting this position, and the target, according to daily Fibonacci levels, could be around $11.0181. A break of 79.36 in the RSI would provide good momentum confirmation.
🔽 Conversely, for a short position, the trigger at $7.2335 could be suitable, and breaking this area could lead to corrections to the lower zones I've outlined.
🔑 If the upward trend in higher timeframes turns out to be a fake and the price returns to the range between $3.4382 and $4.4115, it would indicate a loss of bullish momentum. A break below $3.4382 could signal a long-term trend change.
✅ This last scenario is particularly relevant for long-term traders and holders. So, if you are looking to set a stop-loss for OM, activating it upon breaking $3.4382 could be prudent.
💥 Don’t Miss Out!
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t.me/FireHoseReelCrypto
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🤵 Business Contact: t.me/FireHoseReel
💰 Join the Telegram Channel Now:
t.me/FireHoseReelCrypto
🏆 Best Crypto Exchange: promote.mexc.com/r/QFghw8yb
🤵 Business Contact: t.me/FireHoseReel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
💰 Join the Telegram Channel Now:
t.me/FireHoseReelCrypto
🏆 Best Crypto Exchange: promote.mexc.com/r/QFghw8yb
🤵 Business Contact: t.me/FireHoseReel
💰 Join the Telegram Channel Now:
t.me/FireHoseReelCrypto
🏆 Best Crypto Exchange: promote.mexc.com/r/QFghw8yb
🤵 Business Contact: t.me/FireHoseReel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.