Mantra (OM) Reached a New All-Time High (ATH) Earlier Today

Data shows a notable rise in the number of active addresses. OM briefly touched an ATH of $1.32 at around 01:15 UTC today.

Mantra (OM) price reached a new record high on March 23. The asset price surged past the $1.3-mark during the early trading hours today.

Key Levels

Resistance Levels: $1.32, $1.40, $1.50

Support Levels: $1.20, $1.10, $1.00

OM/USD Daily Chart Shows Strong Bullish Momentum

After opening the day at a price of $1.27, OM quickly rallied to reach an intraday high (new ATH) of $1.32. Following the price surge, OM encountered some selling pressure which pushed the price down to an intraday low of $1.26. At the time of writing, OM price is trading at $1.28, up by 21% over the past 24 hours and up by 39% over the past seven days.

The price surge comes after a bullish engulfing candlestick pattern formed on the daily chart last week. The pattern showed a strong bullish momentum as the bulls pushed the price up from a low of $0.92 on March 19 to reach a high of $1.16 on March 20. After forming a lower wick on March 21, the bulls took over again on March 22, pushing the price up further to reach a new ATH on March 23.

Relative Strength Index (RSI) Shows OM Is Overbought

On the daily chart, the Relative Strength Index (RSI) reached an overbought zone at the 77-mark. This shows that the asset price could be due for a pullback. However, if the bulls manage to keep the momentum going, we could see OM price reach the $1.40, $1.48, and $1.50 resistance levels before the end of the day.

On the other hand, if the bears gain control, we could see OM price drop below the $1.20, $1.10, and $1.00 support levels. A drop below the $0.92 level could invalidate the bullish momentum and put OM price in a bearish zone again.

Total Active Addresses Surged by 98%

According to data provided by Santiment, the number of Mantra active addresses increased by 98% in the past 24 hours — rising from 157 to 310. This movement shows that some OM holders have been taking short-term profits as the token stays in the bullish zone.

Data from the market intelligence platform shows that the Mantra total open interest hiked from $36.7 million to $45.3 million over the past day. When an asset’s open interest witnesses a sudden surge, high price volatility is usually expected due to heightened liquidations.

Per Santiment, the total funding rate aggregated by OM is hovering at negative 0.007%, showing that short-position holders are dominating long-position holders. At this point, traders expect a pullback and a further price surge could potentially bring at least $1.5 million in liquidations.

The OM RSI is currently sitting at 77, according to data from Santiment. The indicator shows that Mantra is overbought at this price point. An RSI of below the 50 mark could put OM in the bullish zone again.