MANTRA Token Prices Soared 14%, Close To New Highest Record

The price of the MANTRA Token (OM) jumped 14%, close to a new record high (Photo; Academy Binance)

JAKARTA - The price of the MANTRA token (OM) has experienced a significant 14% jump in the last 24 hours. This jump places it as one of the best-performing crypto assets today. Previously, on September 2, OM had jumped 16% from a daily low of 0.87 US Dollars (Rp13,467) to a peak of 1.02 US Dollars (Rp15,789). Even though the price fell slightly afterwards, OM still managed to strengthen as a whole, indicating a strong bullish potential.

According to CCN information, the OM token recorded an all-time high of 1.40 US Dollars (Rp21,672) in July, before experiencing sideways at the end of August. The recent spike in prices raises speculation as to whether this is an early sign of a new bullish phase that could lead OM to a new record high. OM's last bullish journey began in December last year, when the price of this token was around 0.01 US Dollars (Rp150). In a few months, the price of OM jumped drastically by 9,35% to its peak at 1.40 US Dollars (Rp21,672) on 21 July. However, upon reaching this peak, the price of OM decreased, which is expected to be part of market corrections.

After falling to 0.82 US Dollars (Rp12,693) on August 20, OM bounced back from the Fibonacci Retracement level 0.382. This recovery allowed OM prices to penetrate above the resistance line to decline and hit 1.07 US Dollars (Rp16,563) on August 24. However, despite the bullish price action, OM returned to the same Fibonacci level, suggesting that recovery since August 20 may be corrective.

There are several scenarios that can estimate future OM price paths. However, most of these scenarios do not indicate that the OM will soon begin a significant bullish phase that brings to new highs. Most likely, after a major spike that occurred in July, the downward trend until August 20 was the first wave of higher degree corrections. While we may see further price increases in the near future, this movement is expected to be corrective with an optimal target at the Fibonacci retracement level of 0.618 at 1.20 US Dollars (Rp18,576).

In the short term, OM may return down to the area 0.87 US Dollars (Rp13,467), which will mark the completion of the corrective B wave. The current price rise length will be confirmation of this projection. If prices go back down, the main scenario shows the development of the C-wave leading to interaction with the Fibonacci level of 0.618. However, only if the price manages to penetrate the area of 1.20 US Dollars (Rp18,576) and continues to rise, we can begin to consider the possibility of OM towards a new record high.