Mantra (OM) Faces Critical Resistance level
Mantra (OM) is nearing a critical resistance level, which could determine its future direction. After a period of decline, OM is showing signs of recovery. On May 12, it was valued at $0.4384, marking a 0.48% increase over 24 hours. The token hit a daily peak of $0.467, just above the meaningful $0.45 mark.
Over the weekend, OM experienced a 40% surge, rising from $0.37 to $0.52.This upward movement pushed the price above the 20-day simple moving average at $0.45.However, it couldn’t sustain this level and corrected slightly. The token’s price action suggests a possible turnaround. Yet, it remains below key moving averages, indicating ongoing bearish trends.
Despite this,OM’s price is still above the $0.38 support. The relative strength index stands at 23, hinting at oversold conditions. This could be a turning point.
However, OM remains under pressure. It’s below the 20-day EMA at $0.51 and the 50-day EMA at $0.74. These levels indicate a strong bearish trend. On April 13, OM plummeted 95% in hours. The CEO blamed exchange liquidations, but some suspect insider selling.
To regain trust, the CEO promised to burn 150 million tokens. This token burn, completed on April 29, didn’t significantly boost the price. OM fell from $0.53 to $0.4145 post-burn. The future of OM depends on overcoming the $0.45 resistance.
