OM | MANTRA | Bullish Cycle OVER?MANTRA has made leaps and strides towards a new ATH, whilst the rets of the market was trading lower for the past few weeks.
But it seems the buying pressure has run out, if we take a look at the technical indicators.
Interestingly enough, if we take a look at OM through the Weekly timeframe and we pull up the Fibonacci extension, the current cycle ended at exactly 2.618 - a significant marker in the Fib zones.
It is said that, after reaching 2.618, a retracement to 0.786 is probable. This would put us roughly at the major previous resistance zone before the ATH breakout:
The Moving Averages is another great place to watch for possible bounce zones:
After this correction (which could go even lower) the price could potentially bounce back, as it gears up for a new ATH. I'd be looking to buy from the 0.786 and lower, possibly as low as the $2 mark.
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OKX:OMUSDT
