Mantra surges 22% despite Bitcoin sell pressure, Multiverse shines

by

As a researcher with a background in financial analysis and cryptocurrency markets, I find Mantra’s recent bullish momentum intriguing. The data suggests that the RSI is in the neutral zone, indicating potential for upward price movement without being overbought. Additionally, the MACD has signaled bullish sentiment, which is further supported by increasing investor confidence, as evidenced by the substantial trading volume increase.

Mantra (OM) is up over 8% in the past 24 hours, amid broader crypto market volatility.

Mantra’s bullish momentum

As a market analyst, I would interpret the Relative Strength Index (RSI) reading in the neutral zone as signaling a potentially promising upward trend in the market without it being overbought. This means that the asset may have room to grow further, but it’s essential to remain cautious and keep an eye on any potential changes in market conditions.

The MACD indicator has indicated a bullish trend when its signal line surpasses the MACD line.

The enthusiasm towards Mantra is evident, as shown by a significant increase of 7.9% in trading volume within the last 24 hours, amounting to over $50 million in traded OM tokens. This surge signifies growing faith among investors in the potential success of the project.

Based on OM‘s technical analysis, there are indications of potential price hikes for the asset in the near future. The predicted price range for 2024 is approximately $1.24, but some more optimistic forecasts suggest prices could reach as high as $1.45.

As a researcher examining Mantra’s current standing in the cryptocurrency market, I find that Mantra boasts a market capitalization of $703.4 million with a circulating supply of 831.3 OM tokens in circulation. These figures serve as a testament to Mantra’s strong foundation and potential for continued growth within the dynamic crypto market.

Currently, based on CoinGecko’s latest information, MANTRA (OM) is priced at $0.8575 on the market, marking a significant surge of more than 22% over the past two weeks.

Multiverse defies bearish trends 

The price of Elrond’s native token, MultiversX (EGLD), currently stands at approximately $33.5. This represents a 3.5% increase from its previous value within the last 24-hour period.

With a market capitalization of $921.68 million and a substantial daily trading volume exceeding $45 million, the token is a significant player in the market.

As a crypto investor, I’m observing a bullish trend based on the moving averages. The 50-day and 200-day averages have risen above the current price, which is a positive sign. However, I notice that the Relative Strength Index (RSI) is showing overbought conditions. This means that the market may experience short-term consolidation or correction before continuing its upward trend.

Recently, Bitcoin (BTC) and other well-known cryptocurrencies have experienced decreases in their prices. Several elements are contributing to this trend.

I’ve come across a piece of news on crypto.news where it is mentioned that the German authorities have recently sold off the seized Bitcoin stash, which amounts to over 50,000 units, that they had confiscated from the illegal piracy platform Movie2k some years back.

On June 19, the process of selling began, resulting in the transfer of approximately 1,500 Bitcoin to platforms like Coinbase, Bitstamp, and Kraken.

During the past month, the government has disposed of over 3,000 Bitcoins, worth around $172 million, in various deals. Currently, the German government possesses about 46,356 Bitcoins, equivalent to roughly $2.6 billion based on current market values.

Lately, there have been signs that the German government has stopped selling Bitcoins temporarily. This is based on data from on-chain analysis which shows no more transactions from the government’s Bitcoin wallet to exchanges over the last week.

Currently, the cost of a single Bitcoin (BTC) is approximately $57,754, marking a 5.2% decrease in value over the past week.

Read More

2024-07-06 19:56