Mantra (OM) has continued to surprise many with its unstoppable rally as interest in the token gains attraction. Moreover, traders and investors are keen on short-term scalp opportunities. They do not leave any stones unturned or money on the table; they buy and sell as opportunities arise.
The mantra token has increased by 9% in the last 24 hours and 32% in the past seven days. Long traders are having a field day, and OM is responding as expected. At the time of writing, Mantra was trading at $1.0093, with its 24-hour trading volume up 1137% to 216 million.
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This comes as Mantra inked a deal with MAG, a leading property developer in Dubai, to tokenize its assets worth over $500 million.
.@MANTRA_Chain to partner with UAE real estate giant MAG to tokenize $500M in real estate assets 🤯
Cograts ser @jp_mullin888 & the team 🥳 pic.twitter.com/JtywMx5LF5
— Cito Zone ☀️ Cosmos Research (@Cito_Zone) July 8, 2024
Moreover, Mantra has also launched a Real World Asset (RWA) savings vault powered by Ondo’s USDY. USDY is a regulated stablecoin that enables rewards to its users.
Mantra Statistical Data
Based on Coinmarketcap data:
- OM price now – $1.0093
- OM market cap – $820 million
- OM total supply – 888 million
- OM circulating supply – 830 million
- OM ranking – #72
The Mantra price decreased from June 10, forming a rounding bottom technical pattern. However, $0.6311 acted as the support level, which allowed the price of OM to rise to the $1.1413 resistance.
On 11 July, the Mantra bulls recorded a new high at around $1.1413 before the bears stepped in and drove the price south. However, the bulls might capitalize on the aforementioned technical pattern, which hints at continuing a bullish trend, committing the coin to more gains.
Mantra Price as Technical Signs Emerge Bullish
The Relative Strength Index (RSI), with its strength at 55, shows no signs of weakness in the mantra market. This suggests that Mantra Price still has the bullish muscle to continue north. Increased buying pressure could see the RSI jump to the 70-overbought zone, suggesting intense bullish momentum.
Based on Mantra’s position above all the bull market indicators like the 50-day Simple Moving Average and 200-day Simple Moving Average (SMA), the bullish grip on the Mantra network is most robust. In this scenario, the $0.9017 and $0.8060 act as immediate support keys, tilting the odds towards the buyers.
Many golden cross-indexes are in line and support the bullish outlook. A golden cross is an index on the chart when a short-term moving average flips above a long-term moving average, assuring market participants that the path with the least resistance is to the upside.
The Moving Average Convergence Divergence (MACD) indicator backs the bullish outlook on the four-hour chart timeframe. The momentum indicator sits on the positive territory teases with a pending buy signal. This will manifest if the MACD line crosses above the signal line, indicating a potential bullish trend. Most traders usually identify this technical occurrence as indicating that the token has entered a positive cycle.
Mantra Future Outlook: Will the Bulls Record a New ATH?
In the 4-hour chart outlook, the Mantra price is trading bullishly, with the seller appetite dwindling. If the buyers exert pressure at this level, the Mantra price could soar above its technical resistance at $1.1413, recording a new high of around $1.25 in the next 24 hours.
Conversely, if the sellers breach the $0.9017 level, a cushion against downward pressure, the bullish picture may be invalidated. The crypto market will turn negative, forcing the mantra price to retest the $0.8060 support level.
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