As an experienced analyst, I believe the recent price reversal of Mantra’s OM token is a cause for concern. Despite the positive news of being added to Swissborg’s RWA thematic basket, which is a significant achievement, the token’s value has plunged by over 25% in just a few days.
This week, Mantra (OM)’s price has taken a significant hit, aligning with the downward trend of cryptocurrencies such as Ethereum, Solana, and Cardano.
OM slumped to a low of $0.8160 on Friday, down by over 25% from its highest point this week.
Added to a new RWA fund
Despite the positive development of Mantra’s OM token being included in Swissborg’s Real World Asset (RWA) thematic basket, the token experienced a significant decline in value. According to the developers’ announcement, this addition was meant to be a recognition of its potential worth within the thematic basket.
In simple terms, the basket holds a variety of tokens from the Real-World Assets (RWA) sector, which include Synthetix Network, VeChain, Chainlink, Maker, and Polymesh Network.
Noteworthy is the fact that Swissborg ranks among the largest entities in the cryptocurrency sector, boasting nearly 800,000 users and managing over $1.26 billion in assets. The value of its token exceeds $187 million.
As a proud investor in the crypto space, I’m thrilled to share that SwissBorg, a prominent wealth management platform built on blockchain technology, has incorporated the $OM Token from MANTRA into their Real World Assets (RWA) Thematic. This investment basket is filled with top crypto projects that have a strong connection to real-world assets.— MANTRA – Tokenizing RWAs (@MANTRA_Chain) June 14, 2024
In recent weeks, Mantra’s financial holdings have experienced significant growth. The company now boasts more than $46.3 million in assets, representing a substantial increase from its initial $7 million at the beginning of the year. Additionally, Mantra has recently broadened its horizons by establishing a presence in the United Arab Emirates.
Mantra, with a market value exceeding $650 million, is a major player in the tokenization sector. Its technology facilitates the effortless fractional ownership and digital representation of real-world assets, an expanding industry projected to reach more than $10 trillion in size soon.
Mantra price forecast
Earlier this month, the price of MantraDAO’s OM token reached a peak of $1.0960. However, following an intense selling wave among altcoins, the token has plummeted by more than 25%. It is now trading below the significant support level at $1, which represents its highest swing on June 5th.
The token’s price has dipped beneath both its 50-day and 100-day moving averages, indicating bearish control. Previously trading at $0.8095, it has struggled to break below this mark since June 3. This level holds significance as it represents the highest peak in April and May.
If the price falls short of the mentioned level, indicating bearish sentiment has taken over, there’s a possibility it may decline further, potentially reaching $0.7620.
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2024-06-14 20:08