- Mantra (OM) has gained over 62% year-to-date despite Ethereum recording its worst Q1 decline since 2018 with a 55% drop.
- OM is currently mirroring a previous technical setup where it faked a breakdown below a symmetrical triangle before rallying 137% from $2.2 to $9.0.
- The token has broken slightly below symmetrical triangle support around $6.2 but is holding relatively well, suggesting potential for another surprise rally.
- A reclaim above the 50-day moving average at $6.81 could invalidate the bearish breakdown and trigger a recovery toward recent highs.
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.
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.
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.
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