Mantra (OM) Whale Accumulates 2.46M Tokens Amid Price Recovery

As the market stabilizes post-crash, DeFi tokens are leading the recovery, with Mantra emerging as a notable contender.

Mantra Price Analysis Targets Range Breakout

The 4-hour chart indicates that Mantra's price action is in a sideways trend within a consolidation range from the $3.42 support level to the 38.20% retracement at $4.5683. An ascending triangle pattern is forming, supported by a local support level at the 23.60% Fibonacci level of $4.13.

CRYPTO:OMUSD Chart Image by vd9137

The OM token is currently trading at $4.06, reflecting a 1.94% increase over the past 4 hours, indicating potential bullish momentum. The RSI line shows positive buying pressure, and the alignment of the 50, 100, and 200 EMA lines supports this outlook.

If a bullish breakout occurs, price targets may reach $4.9224 and $5.2765. Conversely, a breakdown could retest the 200 EMA line at $3.5401.

New Whale Adds 2.46M OM Token

A new whale has accumulated 2.46 million OM tokens, valued at approximately $9.92 million, signaling increasing confidence among large investors. This acquisition occurred within 12 hours at an average price of $4.01 from Binance.

This accumulation reflects a growing belief in a significant price movement for OM.

On-chain Indicators Reveal Clear Path to ATH

Analysis from IntoTheBlock indicates that Mantra is set to challenge the supply zone between $4.02 and $4.07, which holds a volume of 4.03 million OM tokens. The demand zone ranges from $3.90 to $4.01, containing 14.17 million OM tokens. The substantial disparity between demand and supply zones suggests a higher likelihood of a positive trend.

In summary, Mantra's strong on-chain demand and significant whale activity enhance the prospects for a breakout, positioning OM towards the $5 mark and potentially new all-time highs, assuming favorable market conditions.