Univers Of Signals | OM is the coin of the Mantra projectLet'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.
