Mantra price remains in consolidation phase over the past two months as 2024 surge loses steam.
In the realm of Real World Asset tokenization, the well-known digital currency known as Mantra (OM) is currently being traded at a price point of $3.90. Notably, it still lingers 15% beneath its peak value achieved in the year 2024.
The technical analysis indicates a potential resemblance between Mantra’s price movement and that of Ripple (XRP), the third-largest digital currency, in terms of their chart patterns.
The graph for each day indicates that Mantra took off vertically during November, followed by a period of consolidation which formed a symmetrical triangle shape. This triangle pattern is often known as a ‘bullish pennant’, a frequently used bullish signal in technical analysis that suggests a continuation of the uptrend.
Consequently, Mantra could experience a parabolic surge as the two lines of the triangle pattern are about to meet. If this occurs, keep an eye on its previous high at around $4.6265. A break above this level might signal more growth, possibly reaching $5, and then potentially $7.42, which is the upper boundary of the Fibonacci extension.
XRP price formed a similar pattern
Mantra’s price behavior is remarkable as it mirrors that of XRP, which also exhibited a parabolic trend. Similar to Moneta (OM), XRP saw a dramatic surge in November, peaking at $2.90 for the year. Subsequently, it entered a period of consolidation, shaping a symmetrical triangle pattern. This week, it has made a powerful recovery, reaching a new high of $3.40.
The cost of XRP increased after news broke about potential adjustments in the Securities and Exchange Commission’s cryptocurrency regulatory strategy, possibly leading to a suspension of certain enforcement activities. Such a shift might be advantageous for Ripple.
According to another account, Donald Trump expressed his willingness to establish a digital currency reserve that would include popular U.S.-based cryptocurrencies such as Ripple (XRP) and Cardano.
Potential catalysts for Mantra price
Similar to XRP, Mantra also boasts several possible triggers that could cause its price to surge substantially in the short term. To begin with, it is one of the crypto industry’s top-yielding coins, providing a yield of approximately 5.79%. This staking return outperforms Ethereum‘s yield of 3.13%, making it an attractive choice for investors seeking high returns.
2nd Point: Mantra is a prominent figure in the Resident Welfare Association (RWA) sector, with analysts forecasting that it could manage billions, if not trillions, of dollars in assets in the coming years. Notably, Mantra has formed an alliance with DAMAC, a significant real estate firm based in the United Arab Emirates. Under this agreement, DAMAC will leverage Mantra’s network to convert their property portfolio into digital tokens.
Additionally, Mantra has teamed up with a significant real estate firm in the Middle East called MAG, and they are actively pursuing more collaborative opportunities. Notably, the value of Mantra could potentially regain momentum following its impressive surge in 2024.
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2025-01-16 18:17