Market Direction

Mantra targets $7.13 amid pullback

Published: Apr 4, 2025

Mantra has surged significantly, but with key resistance levels ahead and potential for a healthy pullback, traders are eyeing short opportunities near $6.50 to $7.13 and downside targets at $4.41 and $3.50.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

OM:

Technical analysis & market mechanics

Mantra has rallied +554% since November 2024, reaching extended levels, uncorrelated to broader market weakness.
Local support sits at $6.1270, acting as the lower boundary of the current micro-range.
Local resistance is defined at $6.5350, capping short-term upside.
Key resistance zone begins at $7.130
Long-term support sits at $4.4100, previously a demand base before the major move.
Structural support also aligns at $3.500, representing the 61.8% retracement from the $9.20 ATH.
RSI is currently around 46, neutral and supportive of either a continuation or correction.
Price structure shows a steep, uncorrected ascent - a full pullback would remain within healthy market structure.
Price remains uncorrelated to broader market consolidation, increasing correction risk.
Funding rate is flat, showing no strong long or short bias - it does not influence decision-making, and it also adds to the short thesis.

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Next Support: $6.1270
Next Resistance: $6.5350
Direction: Bullish
Upside Target: $7.1300
Downside Target: $4.410

Cryptonary's take

Following the recent tariff-driven volatility and a projected contraction in risk appetite, assets like Mantra, which have outperformed the broader market without support from macro conditions, are likely to correct. We're eyeing the $6.50-$7.10 region to build a short position, with tiered entries at $6.50, $6.80, and $7.10. We would also leave some bullets in the chamber to add shorts if the price moves higher.

The downside targets sit at $4.41 and potentially $3.50. The move would not be overextended - instead, it would be a technically healthy reset that aligns with fib structure and a sentiment shift. Patience is key - we wait for the price to reach resistance, which, given OM's unique strength and key floor, we do expect to happen in the short term.