- Altcoin has been written off since his ATH last week
- Profit profit cannot stop it to hit another ATH in the future
After an increase of more than 53% in the past month and the deficiency of the wider market sinking, Mantra (OM) hit a new all -time all -time of $ 6.48 on 6 February. This milestone came after almost 1800% growth in the past year, partly fed by the rising buzz around real World Asset (RWA) projects.
However, as often happens after reaching a large psychological price, it saw a round of win that introduced some red candles to the daily map. With a long -term bullish structure that is still in the game, this is what traders should pay attention to for the next.
Can bulls insist to another ATH?
Source: TradingView, OM/USDT
In the past year, the 50-day exponential advancing average (EMA) has reliable. At the time of the press, this EMA closely matched the immediate level of support near $ 4.6.
In order to withdraw after testing his rising trend line resistance (white trendline) near $ 6.48. Such a pullback is typical after important meetings, but the wider Uptrend structure remains intact as long as the price remains above the 50-day EMA.
If the range of $ 4.6 – $ 4.7 bouncers, Bulls could strive for a new run on the ATH of $ 6.48. However, an end below can start a deeper correction to the $ 4.30 zone.
The Relative Strength Index (RSI) on the daily period of time fluctuated in the vicinity of 59, which shows some space for further downstairs when bearish Momentum persists. However, a quick recovery above the 60-65 range can encourage buyers to re-test higher levels.
Why traders should remain carefully optimistic
Source: Hyblock
The trade volume rose by almost 60% to $ 361.3 million – a sign of renewed interest in the Futuresmarkt of OM. On the other hand, the open interest rate fell by 3% to $ 429 million, indicating that some traders left positions after his all time reached.
In general, the long/short ratio seemed to be somewhat bullish at 1.05. However, more traders are guessing on Binance (short positions dominate with a 0.54 ratio). Both long and short traders saw moderate liquidations to re -confirm more short -term volatility.
It is also important to check the general market trends and the Bitcoin process. Although OM’s basic principles and the growing RWA story offered a favorable long-term perspective, the prospects in the short term depend on whether bulls can defend the critical EMA support of 50 days or not.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
