The native token of MANTRA Chain, OM, has experienced a sharp decline, breaking below the crucial support level of $6.50 after a head and shoulders breakdown. This bearish pattern indicates continued seller dominance in the market. 📈 📉 📉
Price action is confined by a descending channel, where every attempt to push higher has been met with resistance at the upper trendline.
The $6.00 support level serves as critical psychological resistance and its ability to hold signifies a crucial turning point for OM’s direction. 📊 However, continued rejection of this level signals a clear bearish momentum. 📈
OM’s recent price decline is linked to a descending channel that began in early March. This channel, marked by declining highs and lows, suggests the potential for further downward pressure.
The breakdown from the key head and shoulders pattern has shifted market sentiment towards bearishness. Moreover, the volume indicators remain absent. Structure alone indicates decreasing momentum. 📉
Key Takeaways:
* OM struggles to reclaim critical levels, highlighting ongoing seller dominance.
* The $6.00 support level is pivotal but continued rejection at higher levels signals a shift in market control.
* Further price decline is anticipated as the descending channel reinforces bearish momentum. 📉
* A decisive breakout above the upper trendline is necessary for bullish potential to emerge. 📈
Source: CryptoBusy 📰