• MANTRA jumps 29%, hovering near $0.77.
  • OM’s trading volume has risen by over 25.66%.

The crypto market remains under bearish pressure, with the total market cap hovering around $2.64 trillion. Bitcoin is trading at $83.3K and Ethereum at $1.5K. Among the altcoins, MANTRA (OM) has emerged as the top gainer, surging by 29.91%.

MANTRA opened the day trading at around $0.5666, and the bulls took the price up toward the $0.9468 range. As of writing, OM traded at $0.7784 with a market cap of $754 million. 

During this timeframe, the asset has witnessed a 24-hour liquidation of $17.77 million. Besides, MANTRA’s daily trading volume has reached $1.45 billion.

OM has lost over 87.58% in the past seven days. The asset began trading the week at $6.83. The bears who took charge of the asset steadily slipped to the level of $0.5006. 

What’s Ahead for Mantra?

OM’s Moving Average Convergence Divergence (MACD) line and signal line rest below the zero line, inferring the potent downside pressure and an impending negative sentiment within the market. 

29% Jump for MANTRA, What Is Fueling the Rally? image 0 OM chart (Source: TradingView )

The Chaikin Money Flow (CMF) indicator found at -0.15 hints that the money is flowing out of the asset, leaving a bearish sign. Meanwhile, the trading volume of MANTRA has increased by over 25.66%. 

Assuming the upside trajectory of the asset, the bulls might drive the price to a potential $0.7736 range. A continued gain of MANTRA could further trigger the price to hit a high at around the $0.80 mark. 

On the support side, the bearish pressure of OM could lead to a slide toward $0.7389. Further pullbacks in the asset’s price might push down the price to plunge to the $0.70 level or even lower. 

In addition, MANTRA is in the oversold territory in the market, as the daily relative strength index (RSI) is positioned at 17.22. The Bull Bear Power (BBP) value of -0.8902 suggests that the bears have control over the market.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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