Mantra (OM) Climbs 42%, Reaches Record High of $5

Mantra—OM, has surged 42%, reaching a new all-time high of $5. After a slight pullback, the price currently sits at $4.75, still reflecting a 36.72% gain over the past 24 hours. The market cap has risen sharply to $4.57 billion, marking a 36.74% increase. Trading volume also spiked by a massive 700%, hitting $376.69 million. 

Whale Activity Sparks Market Attention

A significant whale, identified as 0x502, deposited 300,000 OM, worth about $1.48 million, into Binance just an hour ago. This deposit is already in profit by nearly $1.47 million. 

This whale activity could indicate either a sell-off or further positioning before the token hits key price levels. Such moves often influence short-term market sentiment and raise questions about the next steps for the token.

Technical Indicators Show Bullish Momentum

Looking at the 4-hour chart, the technical indicators signal strong bullish momentum. The RSI stands at 78.41, suggesting overbought conditions. This hints that a slight pullback could occur soon. 

However, the RSI’s moving average is at 50.94, showing the sharp increase in buying pressure. The Chaikin Money Flow (CMF) reading of 0.41 highlights healthy capital inflows. This points to continued market confidence and buying interest. 

Recently, a golden crossover took place, with the 50-period moving average crossing above the 200-period moving average. This signals more upside potential. The key resistance level is at $5.00, the all-time high. 

A breakout above this could push the price toward $5.50 or $6.00. Support levels are at $4.50, with stronger support at $4.00. Traders should watch for a potential retest of these support zones.