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Om

OMUSDT (MANTRA DAO) - BUY ENTRY ANALYSIS 🔎 - OMUSDT hit an ATH and retraced. - Price retested the flip horizontal support (FHS) and key fibonacci retracement zone (0.5 - 0.618 - 0.786). - There was a relatively high concentration of buyers at the retest zone. - Price action printed the bullish double bottom (DB) pattern. - Price brokeout above the double bottom (DB) neckline resistance (NR). - This is a bullish signal. - The market is currently undergoing a minor retracement, retesting the neckline resistance (NR) and key fibonacci retracement zone (0.5 - 0.618 - 0.786). - There's an uptrend continuation possibility from this zone. BUY ENTRY ⬆️ - Market price. TARGETS 🎯 - Swing high resistance (0 fibonacci retracement level). - Horizontal resistance level (R1). - Horizontal resistance level (R2). - Fibonacci extension levels. SETUP INVALIDATION ❌ - Breakdown below the double bottom horizontal support level (1 fibonacci retracement level) (S1).
Long
by Chibuike_Odoh
Mantradao OM support levels & consideration of Poloniex chartChart structure, fib levels and 4hr 50 EMA could indicate OMUSDT is above strong support even if the 20 EMA doesn't hold. Consideration of the first hour's candle from the launch day on the Poloniex chart (which is not recognised by Coin Gecko or Coin Marketcap) suggests a 4x would be needed for a new ATH on that chart. It's also noteworthy to mention that at the time of posting this, OM would need to do more than a 6x for the market cap (based on circulating supply) to surpass $1 billion. Where do you think OM is on the Wall St Cheat Sheet & did you buy into that massive candle on the Poloniex launch?
by PClenton
3
Mantradao OM: new ATH & 10x so far this year. Where next?Mantradao has formed a perfect cup on the weekly chart and hit a new all-time-high in the last 24 hours. It now has strong support around 50 cents with a 0.618fib golden pocket giving support at 32. Next macro target is $1 as this will most likely be a key psychological level, although the 1.618 fib extension target (not shown) would now be $1.15. As the fundamentals of this project keep improving along with growing awareness, the question now is when this target can be hit rather than if. What are your thoughts?
by PClenton
5
FA will determine TA scenario for OM. Price Discovery likelyOM is currently at a decision level, following massive dumps of presales and the first batch of unlocked tokens. For the next 30 days, the direction will be determined by FA news releases made within the next 48-96 hours. With no/negative FA, the price action of OM/USDT pair can become quite merciless, obliterating OM's value. However, it a more likely scenario of a young Polkadot DeFi project, FA news coupled with narrative is likely to move OM to the Green scenario in which a target north of 1 USDT is a possibility for OM, based on its TA. Subsequent price discovery would then need additional evaluation. Other Polkadot or DeFi projects experienced price discovery leading to 2-3x peaks after the entry of price discovery, which is not impossible for OM. However, even without that a positive scenario aims for 1.1 USDT. Another almost certain event is a listing of OM on Binance which is likely to serve as a catalyst for the potential price discovery.
Long
by Goldsworth
1