Step-by-Step Technical Analysis for MANTRA (OM)

1. Trend Analysis

The price chart shows a persistent and pronounced downtrend since mid-April 2025. OM dropped from ~$0.63 in April to $0.23 now—a near 65% fall. Most bounces have resulted in lower highs and lower lows, confirming a bear market structure.

Downtrend Confirmation

• Failed Bottoms & Lower Highs: After each attempt at support, OM sees minimal follow-through. The lack of substantial green candles or high-volume V-shapes demonstrates a lack of strong bullish conviction.
• Recent Rallies Are Weak: Brief rallies on 2025-06-24, 2025-07-10, and 2025-07-14 have all been quickly sold into.
• Descending Peaks: Each bounce fails before reaching the previous high, a classical sign of suppliers dominating buyers.

2. Support & Resistance

Support Levels

• $0.22: Bounces occurred in late June and early July around this level, as well as a recent retest on 2025-07-13.
• $0.20: Psychological support tested on 2025-07-01 and 2025-06-22.

Resistance Levels

• $0.24: strong supply—multiple failed breaks in recent sessions (2025-07-14 to 2025-07-16)
• $0.25: Local high in July (2025-07-14)

3. Volume Analysis

• Persistent Declines on Above-Average Volume: Sharp sell days (e.g., 2025-06-20 to 2025-06-22) were accompanied by higher volume, signaling institutional or panic selling.
• Low Volume on Rallies: Recent upticks (July 14-16) are not matched by significant volume, indicating weak buying power.
• Volume Spikes at Local Bottoms: Occasionally, a bounce in volume at major dips, but these are not sustained over multiple sessions, suggesting these are likely short-covering or opportunistic trades, not signs of trend reversal.

4. Candle Pattern & Intraday Structure

• Long Upper Wicks: 2025-07-14/15/16 show that every foray above $0.24–0.25 is met with aggressive selling.
• Bearish Engulfing Candle: Post July 14th high ($0.2484), OM saw back-to-back closes lower and the breakdown back below $0.24, with little recovery attempt.
• Recent Intraday Weakness: July 17's hourly candles show multiple failed rallies above $0.232-0.236 and sudden rejections, with the last few hours printing new session lows.

5. Technical Indicators

• Moving Averages (Estimate; Not Plotted): 21-day, 50-day, and 200-day moving averages would all now be above price, confirming long-term and short-term downtrends. Price has not closed above the 21-day MA since May.
• Relative Strength Index (RSI) [Qualitative]: Sustained price below prior supports suggests possible oversold, but repeated lack of buying follow-through implies no strong bullish divergence yet.
• MACD (Qualitative): No visible positive crossovers; bearish histogram likely.

6. Recovery Attempts and Failure Zones

• Failed Breakout Attempt: July 14 spike above $0.24 was immediately reversed the next session, trapping late bulls. This is a classic bull trap signature.
• Support Flip: Prior support at $0.24 (resistance June 30-July 14) is now acting as a ceiling.

7. Price Action Context & Market Sentiment

• No Panic Squeeze: Despite prolonged selling, the lack of a major, high-volume reversal candle suggests sellers have not been washed out.
• Market Sentiment: After months of grinding, OM trades at or below recent IPO listing levels, likely shaking out most enthusiastic holders and giving no reason for new buyers to accumulate at current levels.
• Broader Crypto Market Environment (if applicable): Unless this asset is decoupling, broader weakness likely persists in the altcoin market.

8. Volatility & Risk

• Historic Volatility: May and late June saw some price spikes (nearly +30% in a day and -20% in another), but these were immediately reversed. Intraday volatility remains, especially around 20:00-21:00 UTC.
• Risk of Further Capitulation: If the $0.22 support fails again, a flush toward $0.20 or lower is likely. No strong buy wall observed.

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Conclusion—Thesis for the Next 24 Hours

• Given persistent lower highs, repeated failed breakouts, weak bounce volume, and no clear bullish reversal signals, the technical picture remains bearish.
• The most probable scenario is further pressure to the downside, with OM likely to retest $0.22, and possibly $0.21 or slightly below.
• Intraday bounces to $0.232–0.236 should be viewed as selling opportunities until the price closes decisively above $0.24 with strong volume and follow-through.

Recommendation: Sell (Short Position)

Entry & Exit

• Optimal Sell (Short) Entry: On the next intraday rally toward $0.232–$0.234, as repeated failures occur at this zone and sellers are consistently defending any upward push.
• Profit Target: $0.213. This is just above the next major psychological support ($0.21), allowing slippage and covering before a potential bounce.

Risk Management: Place a tight stop-loss above $0.238; strong close above this may indicate short-term bottoming attempt.

Summary: Trend, pattern, volume, and all observed price action signal continued weakness. OM is a Sell, targeting $0.213 after entry on any bounce to the $0.232–0.234 resistance zone.