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Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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A late-week surge has pushed the Mantra Price even further with an 11% uptick over the past week, raising the question of how far the front-running altcoin can maintain its lead.
While many projects have carved out space in the RWA sector, few are catching tailwinds like Mantra. The altcoin has sustained last week’s explosive growth, marking a 141% monthly gain.
However, OM appears to be facing headwinds after hitting its February 22 all-time high of $9, down 8% after today’s 2.7% dip— a correction is afoot.
The recent surge appears to be losing momentum, as technical indicators suggest potential exhaustion among buyers.
The Relative Strength Index (RSI) has retreated to 63 after briefly exceeding the overbought threshold of 70, indicating diminished buying pressure.
This coincides with Mantra’s approach toward the upper resistance zone of the broadening ascending wedge that has steered price action since late January.
Much like the last retest, overbought conditions forced Mantra into a correction, consolidating to build stronger footing for its next leg up. A trend Mirrored by the MACD, on the cusp of a death cross.
The immediate support trendline may serve as a potential floor, aligning with previous correction patterns as well as the recent support provided by the 50SMA.
On stronger footing, this support zone may fuel Mantra’s rise to the next milestone of $10, marking a 19% advance from current prices.
However, it should be noted that Mantra has printed five consecutive green candles on the weekly chart, causing the RSI to hover above 75 throughout February, currently at 84.
A more decisive turnaround may be in the cards.
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