🈹OM - 120 days of accumulation
As global markets 
SPX 
NDAQ are dumping, so is Bitcoin. This obviously strongly affects altcoins as well. Those aren't the best conditions to trade in, but:
The price has been consolidating on 200EMA/key level/node of high volume for over 120days now, and it seems like the accumulation is near its end. In choppy price action, it is hard to rely on trendlines, although we may notice some sort of triangle pattern squeeze happening right now.
Technical indicators are telling us that money keeps flowing in, and buyers are taking the control as MFI keeps going up. This could mean, that we could soon see a breakout from:
- the accumulation zone(above key level)
- macro triangle formation(break dynamic resistance-blue)
- horizontal resistance area(red area)
In case the market keeps dumping, ideally we'd like to see the price stay above the support area, otherwise the accumulation "power" might be used to push the price lower.
Entry: average buy between current price and the area of support(green area)
Targets:
0.295
0.338
0.436
0.523
0.608
0.685
0.810
0.882
+ use mid/top of the channel trendline as dynamic target
------------------
About OM:
MANTRA DAO is a decentralized finance platform with a specific focus on staking, lending and decentralized governance. The project is being built on the blockchain RioChain and will be connected with Polkadot. It is intended to act as an ecosystem for Web 3.0.
The platform uses a native utility token, OM, for staking, lending and governance. While the project plans to move to the Polkadot network, the token has been initially issued on the Ethereum blockchain.
MANTRA DAO was first announced in June 2020, and the platform went live with its first feature, staking, in October 2020.
Source: coinmarketcap
SPX NDAQ are dumping, so is Bitcoin. This obviously strongly affects altcoins as well. Those aren't the best conditions to trade in, but:The price has been consolidating on 200EMA/key level/node of high volume for over 120days now, and it seems like the accumulation is near its end. In choppy price action, it is hard to rely on trendlines, although we may notice some sort of triangle pattern squeeze happening right now.
Technical indicators are telling us that money keeps flowing in, and buyers are taking the control as MFI keeps going up. This could mean, that we could soon see a breakout from:
- the accumulation zone(above key level)
- macro triangle formation(break dynamic resistance-blue)
- horizontal resistance area(red area)
In case the market keeps dumping, ideally we'd like to see the price stay above the support area, otherwise the accumulation "power" might be used to push the price lower.
Entry: average buy between current price and the area of support(green area)
Targets:
0.295
0.338
0.436
0.523
0.608
0.685
0.810
0.882
+ use mid/top of the channel trendline as dynamic target
------------------
About OM:
MANTRA DAO is a decentralized finance platform with a specific focus on staking, lending and decentralized governance. The project is being built on the blockchain RioChain and will be connected with Polkadot. It is intended to act as an ecosystem for Web 3.0.
The platform uses a native utility token, OM, for staking, lending and governance. While the project plans to move to the Polkadot network, the token has been initially issued on the Ethereum blockchain.
MANTRA DAO was first announced in June 2020, and the platform went live with its first feature, staking, in October 2020.
Source: coinmarketcap
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