The price of MANTRA ($OM) has risen back above $6.3 after dropping to $5.8 on Tuesday. This occurred just before the unlocking of $1.67 million worth of MANTRA tokens scheduled for today, March 11.
Over the past 7 days, the leading RWA coin lost 9.80% but gained back 1.22% in the last 24 hours, trading at $6.25 at the time of writing. This mixed performance has drawn the interest of crypto analysts, many of whom expect the coin to continue rising in the near term.
Mantra ($OM) Flashes Buy Signal
A well-known crypto analyst, Ali, highlighted a key technical signal on the daily chart of Mantra ($OM).
According to his latest tweet, the TD Sequential indicator has flashed a buy signal, suggesting that $OM might have hit a local bottom after its recent downturn. The indicator, which previously called the top accurately, now hints at a potential price reversal.
The TD Sequential is a widely-used tool in technical analysis that helps identify trend exhaustion and potential reversal points. A “9” buy setup, like the one seen on $OM’s chart, often indicates waning selling pressure, suggesting that a price rebound could be on the horizon.
Regarding the pre-unlock dip in the MANTRA price, crypto analyst King Crypto maintained that the drop was deeper than expected. Still, it created an opportunity for investors to accumulate more tokens at a discount.
Such price swings are common in anticipation of token unlocks, with traders adjusting positions based on expected supply increases.
The analyst noted that the bounce back to $6.3 was fueled by narratives around real-world assets (RWA) and support from MANTRA proponents, illustrating renewed confidence in the project.
Market Sentiment Remains Positive
Despite the volatility, sentiment around $OM remains optimistic. Investors who seized the dip are betting on further upside, and analysts believe that a bounce from this level would be a strong indicator of continued bullish momentum.
If $OM maintains its current level, its upward trend may continue. A rise above critical resistance levels, starting at $6.50 and $7.00, could attract more traders seeking further gains.
However, if the price does not sustain its recovery and falls below support, a retest of lower levels could ensue, with further downside possible if price action remains weak.
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