Despite global market collapse, spell prices show strong bullish reversal

Despite the global crypto market crash, the price of the Spell (OM) currency rebounded strongly after hitting a 24-hour low of $5.71, showing a remarkable upward momentum.

The price of OM has risen 10.21% in the past few hours, and this uptrend occurs after testing its 24-hour low of $5.71. Even as other cryptocurrencies such as Bitcoin, Ethereum, XRP and Solana fell sharply, OM coins remained on the trend.

Technical indicators show that prices may rise further in the next few days, attracting investors' attention. However, questions such as "Is this a good time to invest in cryptocurrencies?" and "Will the OM price continue to rise?" still plague market participants.

The price of OM coins has reversed strongly!

Mantra (Mantra Crypto) has a market capitalization of US$212.86 million, up 327%, and the outstanding performance of OM coins has made it the focus of the cryptocurrency community.

It is worth noting that OM coins have been operating in triangle shapes since mid-February. It is currently hovering near the support trend line and is about to face a breakthrough, but the results are still unclear.

The 50-day moving average forms the resistance of the OM currency price chart, but the 200-day moving average provides strong support on the daily chart. This indicates that the market is increasing buying pressure on the altcoin.

In addition, the RSI indicator successfully retested the oversold area on the daily chart. The altcoin may continue to maintain upward momentum in bear markets this week as the average trend line shows bullish signs.

How high can the OM price rise?

According to current market sentiment, if the bulls recover, the OM price may rise to the resistance trend line in the triangle pattern. Continuous bullish sentiment could push OM price to a high of $7.11 this week.

On the contrary, if the bears dominate, it may become a catalyst for the decline in the OM price, falling below the $6 support level. If bearish sentiment intensifies, the OM price may fall to near the key support level of $5.61.

Also Read: Mantra (OM) coin price rises 50% after $1 billion trading volume

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