As a seasoned analyst with over two decades of experience in the financial markets, I must admit that Mantra’s recent performance has piqued my interest. Having closely observed the crypto industry’s evolution, I can confidently say that this is one project worth keeping an eye on.
As a crypto investor, I’ve noticed an uptrend in Mantra, the go-to blockchain platform for real-world asset tokenization. For three straight weeks, it has been climbing, effectively reducing the setbacks experienced in July and August.
The mantra (OM) soared to a peak of $1.24, which is its highest point since July 29 and about 13% lower than its record high of $1.4145. This digital currency has been one of the top performers, skyrocketing more than 4000% from its lows in January.
Mantra’s surge can be attributed to the escalating interest in tokenizing real-world assets, a trend that is considered a major breakthrough within the cryptocurrency sector. For instance, Ondo Finance (ONDO), a prominent industry participant, has amassed more than $600 million worth of assets.
Likewise, the Blackrock BUIDL fund has garnered more than half a billion dollars in assets, and the Franklin OnChain US Government Money Market Fund is holding approximately $427 million.
Additionally, Mantra has seen an increase because it offers a substantial staking reward of 22.2%, surpassing the returns of many other cryptocurrencies such as Solana (SOL) and Ethereum (ETH) in this aspect.
The primary factor fueling Mantra’s current growth spurt is the imminent deployment of its Wallet mainnet. This is a noteworthy step towards the network’s ambition to serve as the go-to ledger for recording real-world assets.
Under the name “OMtober”, the long-awaited Mainnet launch by @MANTRA_Chain is almost here!— RWA Day (@RWA_Day) September 26, 2024
The chain is designed to offer a secure and reliable infrastructure, backed by robust, enterprise-level functions. This enables businesses of any scale to invest capital effectively. Furthermore, it aims to bridge the gap between traditional banking and decentralized systems, granting worldwide access to digital tokens.
While the exact release date for the Mantra Chain launch remains undisclosed, there are suggestions it could occur in October. Historically, cryptocurrencies tend to surge prior to significant events, but there’s always a potential for a dip following such events.
Furthermore, the surge in the value of OM tokens can be attributed to the ongoing Mantra Zone contest, with the winners set to receive a total of 50 million tokens, which are currently worth more than $60 million.
Mantra targets all-time high
On the weekly timeframe, Mantra recently checked the significant support level at $0.8828, which corresponded to its highest peak for the year 2021. A break and retest is a common pattern used by traders as a continuation signal. So far, OM has managed to stay above its 50-week moving average, suggesting that the bulls are in command.
On the other hand, there appears to be a bearish divergence pattern emerging between the Percentage Price Oscillator and the Relative Strength Index.
It’s quite probable that the price of Mantra will increase again towards its previous record high of $1.4145. If it manages to break and hold above this level, it could suggest further upward momentum, potentially disrupting the double-top pattern we currently see.
Read More
Sorry. No data so far.
2024-09-26 17:18