- Mantra crypto pumped 65%; will the uptrend extend into the week?
- Whales didn’t trim their exposure despite OM’s triple-digit rally last week.
Mantra crypto led the RWA (real-world asset) tokenization sector during the weekend pump. Its native token, OM, surged about 65% on the 17th of November, bringing its weekly gains to a whopping 194%.
Interestingly, whales maintained their positions despite the triple-digit rally, suggesting bullish conviction for likely extra gains. Can late bulls still enjoy the party?
Mantra crypto key re-entry levels
Source: OM/USDT, TradingView
On the 12-hour chart, the recent uptrend has seen massive market re-entry through price imbalances (FVG — fair value gaps).
Theoretically, price tends to return to these imbalances (yellow zones on candlesticks), allowing scalp traders to enter the market.
If the trend continues, traders can eye the FVG above $3.5 or $2.6 with bullish targets at $5.2 or $6.
The first scenario could offer a 30% potential gain, while the second-long position could offer nearly 100% returns if the price retraces to the re-entry levels and eye $5.2.
That said, the stochastic RSI was already in the overbought zone, while OBV (on-balance volume) hit a record high. This meant OM saw strong buying pressure despite a potential price reversal.
Whales remain bullish
Source: Hyblock
Whales’ long positions on OM supported the bullish conviction and aforementioned long positions ideas.
Notably, whales’ positions (green bars on Whales vs Retail Delta) remained unchanged despite the massive triple-digit gains hit over the weekend.
This suggested that whales were confident of more upside potential and didn’t opt to book profit early enough.
If so, another leg of uptrend for Mantra [OM] was likely, and the long position ideas shared could be validated in such a scenario.
Read Mantra [OM] Price Prediction 2024-2025
Besides, a significant liquidity cluster at $4 (bright yellow on the opposite side of price action) could tip market makers to go for a liquidity grab and offer even better re-entry for scalps.
However, an extended pullback below $2.6 could invalidate the bullish outlook and potential long positions.
Source: Coinglass
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