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Doge Pepe
Crawlerpad
Zylo Ecosystem
Pearl
Basic Attention
Quantus
- A huge surge was witnessed in the traded volume of the Mantra token.
- The OM token sentiment is bullish, according to analysts.
The market cap presence of Mantra was quite good at press time, with a market cap dominance of 0.02%. It was the 70th largest cryptocurrency in the global crypto market at the time of writing.
A surge of 850% in the traded volume of the Mantra token was recorded, which resulted in a traded value of $195.313M. Following the surge in volume, an advance of 7.5% in the crypto market cap was recorded.
This behavior of the price metrics shows a huge surge in the demand for the Mantra token among traders and investors. It has resulted in a volume/market cap ratio of 22.30%.
The MANTRA token had 11.5K holders at press time, all of whom had acquired the token at lower prices and were sitting in profits (In the Money). The top 10 holders of the token had 53.08% of the supply, and the largest holder alone held 18.42% of the supply.
What Do Derivatives Data Say About The Mantra Token?
When writing, the open interest in the token advanced by 91% in the last 24 hours. It resulted in an open interest of $57.88M at press time, which indicated a surge in the number of open derivatives positions for the token.
The value for the derivatives traded volume for the token also advanced by 750% over the last 24 hours. It further resulted in a traded value of $881.19M and a higher short liquidation of $900.09K.
OM Token Technical Analysis
On the daily chart of the OM token, strong bullish candlesticks are formed, showing buyers’ dominance in the token’s price.
The consistent surge in OM token price has led to a strong supply zone, which has also broken out. Despite this, the price hasn’t yet sustained above the same, which could confirm the breakout.
One must wait for the price to break above the supply zone and give a closing above the same on the daily chart. Higher levels can be seen if the breakout occurs, following the prior bullish momentum and optimistic sentiment in the crypto.
OM/USD Chart by TradingView
The super trend on the daily chart of the token has given a strong bullish signal, followed by a golden cross in the 50-day and the 200-day EMAs. The token’s price has advanced to higher levels, trading 80% above the 200-day EMA.
The huge diversion between the price and the EMA exhibits strong momentum in the OM crypto price.
The MACD metrics have also advanced to higher levels, followed by a bullish crossover between MACD and the signal line.
The RSI also follows a bullish cycle and has broken above the 14-day SMA, followed by 50-level. At press time, it is trading at a level of 67.18, which is strong buying momentum in the crypto price.
Concluding Remarks
The Mantra token (OM) has experienced a significant surge in traded volume and open interest, signaling increased demand and bullish sentiment.
With strong technical indicators and a potential breakout from a key supply zone, the OM token shows promise for higher levels if the bullish momentum sustains.
The support levels for the OM token are $0.630 and $0.9010. Following the bullish momentum, if the token’s price continues to rise to higher levels, it might face resistance at $1.50 and $2.0.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
