Mantra (OM) Mirrors Previous Fakeout Setup – Will It Repeat Another Rally?

Date: Wed, April 09, 2025 | 09:20 AM GMT

The cryptocurrency market has been struggling with an extended correction phase, where Ethereum (ETH) itself recorded its worst Q1 decline since 2018—plummeting by a massive 55% this year. This widespread weakness has added heavy pressure on altcoins.

However, defying all the odds, the top RWA token Mantra (OM) has shown a standout performance, gaining over 62% year-to-date while many major altcoins have lost nearly half of their value. And now, the current technical setup is hinting at another potential rally.

Source: Coinmarketcap

Mirrors Previous Fakeout Setup

Looking at the daily chart, Mantra (OM) appears to be replaying a familiar bullish structure.

Earlier this year, OM had formed a symmetrical triangle pattern that initially broke to the downside—only to reverse rapidly and trigger a massive 137% rally, taking the price from around $2.2 to $9.0 in just weeks. That previous dip below the triangle support proved to be a classic fake breakdown, trapping bears before the explosive upside.

Mantra (OM) Daily Chart/Coinsprobe (Source: Tradingview)

Fast forward to now, OM seems to be mirroring the same price action. Once again, it has broken slightly below a symmetrical triangle support around the $6.2 zone, triggering fears of further decline. But price action so far is holding up relatively well, and bulls may be preparing another surprise.

The 50-day moving average (currently at $6.81) is acting as dynamic resistance. A successful reclaim above this level could invalidate the bearish breakdown narrative and ignite a fresh recovery rally. If that happens, OM might be on track to revisit its recent highs, or potentially even break new ground.

However, failure to reclaim the 50 MA and a sustained move below the $6 support could signal a shift in momentum, favoring bears.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.