Mantra hits new all-time high, technicals suggest more gains ahead

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. However, the performance of Mantra (OM) has left me quite impressed. The 40% surge in just 24 hours, reaching an all-time high of $2.71, is nothing short of remarkable. With a 10,000% rally over the past year, OM has not only established itself as one of the top-performing altcoins but also the only RWA-focused cryptocurrency to achieve a 100x return this year.

Mantra surged over 40% in the past 24 hours.

On November 16th, the peak value of the real-world asset tokenization platform hit a record of $2.71. The technical signs point towards possible growth in the near future.

Over the past year, Mantra (OM) has rallied by over 10,000%, establishing itself as one of the top-performing altcoins in the cryptocurrency market. This makes OM the only RWA-focused cryptocurrency to achieve a 100x return this year. 

As I write this, the market value of the token is approximately $2.03 billion, according to data from IntoThe Block, and about 97.1% of Open Market (OM) holders are in possession of it.

The open interest in OM’s futures market has surged by 78.22% over the previous day, reaching an all-time high of $115.64 million—significantly higher than the $24.75 million recorded at the beginning of September. A rise in OI suggests growing interest from investors, indicating increased trading activity and potential expectations of future price movements.

Catalysts for the rally

OM’s recent price surge comes amidst key milestones achieved by Mantra within the RWA sector. 

In October, the project officially initiated its primary network (mainnet), offering reduced transaction fees, improved network security, adherence to regulatory standards, and the ability to transfer assets across multiple chains by linking with the Cosmos network.

Mantra, a blockchain platform, has brought on board Google Cloud as the main verifier and infrastructure supplier for its network. This move strengthens the platform’s security and scalability, and increases investors’ trust.

The level of whale interactions with OM has significantly increased after the latest price surge, as indicated by information from the data platform Spot On Chain. It’s been reported that a whale, who already owns approximately 18.27 million OM since December 2023, bought an additional $2.62 million worth of the token on November 16.

Information from IntoTheBlock suggests a substantial increase in network inflows of OM from significant investors, going from approximately 716,040 OM or around $5.75 million on November 13 to 2.39 million OM worth $5.75 million by November 15. This significant accumulation indicates a positive outlook, as it’s seen as an optimistic signal when large investors buy into the asset.

Community momentum and technical indicators

The surge of enthusiasm among Mantra community members, sparked by an imminent airdrop, has led to increased interactions surrounding OM. Notably, the number of daily active OM wallets has skyrocketed more than 573% over the last three days, suggesting a significant increase in trading activity related to OM – a promising indicator for traders.

Once more, OM reaches its peak! 🚀

It’s one of the most influential figures in the Real-World Assets (RWA) sector and a source of great pride for the Cosmos universe ☄️

And get ready, an airdrop is imminent within the coming days! 👀 🪂

This growth is truly exhilarating!

— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) November 14, 2024

Technically speaking, the upward thrust of OM appears to be robust. On the 1-day OM/USDT graph, OM consistently hovers above the top Bollinger Band at approximately $2.0857, indicating that the cryptocurrency is continuing its strong ascent. This trend could potentially lead to further price increases for OM investors in the near future.

35.96 on the Average Directional Index (ADX) underscores the robustness of the current uptrend, since readings exceeding 25 generally indicate a powerful trend for the associated asset, suggesting a solid trend direction.

As an analyst, I’m observing that the technical indicators point towards OM potentially continuing its upward trend in the immediate future. This short-term rally might propel the price up to the significant resistance level of $2.50. If we see a breakout above this psychological barrier, it could trigger a period of price discovery, allowing the token to reach new peak prices.

Yet, a trader known as Scofield who keeps his identity hidden is forecasting a temporary decline in the value of OM, after which it’s expected to continue climbing. If this happens, the drop might offer a chance for additional investment, appealing to both individual (retail) and large-scale (institutional) investors.

At press time, OM was exchanging hands at $2.29 per coin.

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2024-11-16 20:52