OM, the Mantra network token, ended last week at impressive all-time highs, despite the overall market capitalization declining slightly.
At the time of writing, OM price is trading at $4.32, with daily gains of 25.58%, weekly gains of 210%, and monthly gains of 189%.
Mantra, a Layer 1 network built with Cosmos SDK and focusing on the asset tokenization (RWA) industry, is seeing a surge in activity as its token skyrockets to an all-time high of $4.5 (after last year it marked a minimum of $0.0061 USD).
This rally from last year’s low to all-time high translates into a rise for the OM token of more than 23,000%.
Factors behind Mantra price increase
Notably, Mantra price has performed well since the developers launched its mainnet last month. Investors welcomed this important milestone and therefore the price saw a huge rally.
On the other hand, it is worth mentioning that as the price of BTC stabilizes at levels close to $90,000, several altcoins have the opportunity to experience significant rallies. Historically, BTC stabilization has translated into historic rallies for altcoins.
On the other hand, the developers of this network have announced that important news for this network will soon be revealed. That announcement will likely be made Monday at the Future of Digital Assets event in New York City.
Guys I honestly don’t have words for how insane and how crazy this is. The market is finally taking notice of what we’re building and our potential. But I say with the utmost seriousness, and reverence, we have just started on our journey to bring RWA to the world.
I’m so…
— JP Mullin (🕉, 🏘️) (@jp_mullin888) November 16, 2024
«Guys, I honestly have no words to describe how crazy and crazy this is. The market is finally realizing what we are building and our potential. But I say with the utmost seriousness and reverence that we have just begun our journey to bring RWA to the world.”
Although nothing specific has been revealed about the announcement that will be made, several users speculate that it will be an important association. The Mantra community has been confident in this since the giant Google Cloud partnered with Mantra at the end of October.
OM Chart Analysis: Key Levels to Watch Out for
OM price showed a significant acceleration when it surpassed the key level of $1.61 (purple line), which enabled subsequent levels.
Now bullish analysts believe that Mantra price will continue its bullish streak as OM is positioned above the upper Bollinger Band at $2,085.
In this context of historical highs, it is important to give priority to supports to avoid surprises in our operations.
OM could find supports as low as $2.93, a level close to the 200 EMA and from where the price could bounce back to $3. However, the loss of this support could lead to a further decline to $2.17.
Regarding the resistances, it is useful for us to use the historical maximum at 4.53 USD for OM and whose surpassing could lead the price to mark historical highs above 5 USD.
The RSI at 62.3 points in this context could signal that the price of the token is far from oversold, so in the short term new rallies are feasible.
Pay attention to OM’s corrections
OM traders and investors should note that more than 24% of Mantra addresses remained active for a period of less than a month. And 43% accumulated tokens for less than a year.
The above is interpreted by the most cautious analysts as that Mantra is in a position close to a massive sell-off, since short-term traders could take massive profits.
In the above context, the long-term approach is useful for this token and all altcoins that are currently growing. In addition to the fact that the RWA industry is one of the fastest growing, this is demonstrated by the success that other projects such as Ondo and Securitize have had.
These results show the potential of the industry, but at the same time they allow for greater risks for its investors.
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