Mantra Surges 86x in 2023, Eyes $10 Barrier

Mantra, the cryptocurrency token, has been on a remarkable streak, reaching a new high of $9.17. This surge comes amidst a broader market downturn, with other major cryptocurrencies like Ethereum and Bitcoin either stagnating or declining. Mantra's year-to-date (YTD) performance is impressive, with a 133% increase, and its growth since February 1, 2023, is even more staggering, with an 8,592% increase, or nearly 86 times its original value.

Analysts are now speculating about the potential for Mantra to break through the psychological $10 barrier. Technical indicators suggest that this could be a possibility. The rally in November has set a series of Fibonacci retracement and extension levels, with the most recent high being $9.17. If the current trend continues, the next price targets could be $11.16 and $11.94.

However, it's important to note that the Relative Strength Index (RSI) on the daily timeframe has not shown a bearish divergence, but it is approaching a level that could indicate a pullback on lower timeframes. The On-Balance Volume (OBV) indicator, however, continues to rise, suggesting persistent buying pressure.

Traders can capitalize on Mantra's momentum by waiting for the next range formation and buying the altcoin at the range lows after a liquidity pocket has been built and swept. However, this strategy comes with risks, and traders should be prepared to cut the trade if the structure begins to shift.