Symmetrical triangle in Mantradao Cup and handle near completionThere has been a symmetrical triangle pattern forming inside the handle on Mantradao's cup and handle pattern on the daily chart. Considering the potential for Ethereum defi tokens given the recent Eth upgrade, OM may have just printed the final higher low before breaking out of this triangle.
Omusd
Mantradao Cup and handle targetsA rough estimate on the cup and handle forming with the OMUSDT daily chart suggests the potential for a breakout to above $1.20. That being said, the 1.618 fib extension from the top of the cup is at a slightly lower $1, which is an obvious key psychological level, where may people may be looking to take profit. However, before any break out occurs OM could also face some selling pressure around the 59-60 cent level.
Mantradao OMUSDT - The Mother of all Cup & Handles?Mantradao Om is currently downtrending with the rest of the market, but it is still above a key support level. The daily chart has retraced to the 0.618 fib golden pocket zone from its recent high and despite the MACD and RSI appearing bearish still, is potentially forming an impressive cup and handle.
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?
Mantradao looking strong in aftermath of Binance listing Mantradao's OM token has had a fairly standard price spike following its listing on Binance. After breaking out of a descending wedge, its next bullish target looks to take it back up to the level it was trading at last September.
Link to article on Binance effect here: bitcoinexchangeguide.com
Mantradao Cup and handle appears to remain in play.☕️After bouncing off the 4hr 200EMA from a descending broadening wedge, OMUSDT's cup and handle speculated previously appears to remain in play. OM's seen a fair bit of price action around this level before, so we might bounce around here a while longer. However, if the market remains bullish we could soon se a breakout up to around the 50cent mark indicated by the crockery.