- OM has surged by 98% in 30 days to hit a brand new ATH.
- Mantra noticed robust bullish momentum as consumers dominated, positioning OM for additional positive factors.
Over the previous day, Mantra [OM] skilled a powerful worth upswing. On this interval, the altcoin surged by 14.49% to hit a brand new all-time excessive of $7.96.
Since then, the altcoin has retraced, buying and selling at $7.58 as of this writing. Additionally, OM noticed a 35% rise in quantity to $1.4 billion.
This worth pump has prolonged to the weekly and month-to-month charts, rising by 25.57% and 98%, respectively. With such a large upswing, what’s driving the rally, and can OM maintain these positive factors?
Why is Mantra rallying?
In accordance with AMBCrypto’s evaluation, OM was experiencing a powerful upward momentum at press time, as demand soared.
Supply: Coinglass
This demand is evidenced by the sudden spike in Mantra’s Open Curiosity. In accordance with Coinglass information, OM’s Futures Open Curiosity has surged over the previous day to hit a brand new all-time excessive of $640.6 million.
When Open Curiosity soars whereas costs are rising, it means that extra capital is getting into by-product markets, reflecting a powerful conviction out there path.
As such, extra positions are being opened within the path of the momentum, confirming a powerful uptrend.
Can OM maintain these positive factors?
As Mantra noticed a powerful rally, its worth charts confirmed a rising upward momentum and bullish sentiment.
Supply: TradingView
The bullishness was additional evidenced by consumers, who continued to dominate the market at press time. Notably, the RSI spiked to hit 76 over the previous day.
When RSI rises to such excessive ranges, it means that consumers are in whole management of the market. Usually, the next demand precedes a worth rally.
Supply: MobChart
The customer dominance can be proven within the current bullish crossover on order imbalance. A crossover right here means that there are extra purchase orders than promote orders.
Such a surge reinforces our earlier statement that consumers have a powerful upward momentum.
Supply: Santiment
Importantly, Mantra’s energetic addresses have additionally been rising. Over the previous week, energetic customers have spiked to eight.9k, reflecting rising demand adoption.
Progress in energetic addresses is essential for a sustained worth, because it often confirms a bullish worth motion.
In conclusion, Mantra is at the moment experiencing robust bullish momentum as consumers dominate the market. With robust optimistic sentiments, OM is properly positioned for a sustained uptrend.
If this development continues, OM will reclaim $7.9, breach the $8 resistance degree and make one other ATH. Nonetheless, a correction right here will see Mantra drop to $6.2.
