MANTRA(OM)pricehasretestedthe50-dayEMAmarkandwasatitspivotaljuncture.Recently,thealtcoinhitafreshall-timehighof$1.62andhasretracedover15%.
Currently,thepositioningoftheMANTRAtokenhighlightedabullishbiasasitstaysabovethe61.8%Fibonacciretracementlevel.ThetokenremainedneartheupperBollingerband.
TheabilityoftheOMpricetobreaktherecentATHwouldsignalasignificantshiftinitsmarkettrajectory.Thiscouldindicateafurtherbullishcontinuationtocapturethe$2markahead.
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Thepriceretracementcomesasitsdailytradingvolumedeclinedover40%.Thathintedatalackofsellerinterest.Recently,MANTRAcryptohaslauncheditsmainnet.Itaimstobringreal-worldassets(RWAs)on-chain,makingasignificantstepinblockchaintechnology.
Despitethemainnetlaunch,theOMtoken’spriceremainedflatataround$1.37.Itnotedanintradaypricedeclineofover2.19%andaweeklysurgeofover7.39%.
OMPriceAnalysis:IsaSurgeToward$2MarkNext?
ThetechnicalanalysisofOMcryptointhedailytimeframerevealedamixedcue.IftheOMpriceexceeds$1.50,thereisalikelihoodofasignificantupwardmovementtowardthe$2mark.
Ithasretestedthe50-dayEMAmarkandaimsforarebound.Ithascontinuedtosurgewithintherisingwedgeformationforthepastfewweeks.Theshort-termbullishtrendwasintact.Also,areboundfromthe$1.30markislikely.
OMPriceChart|Source:TradingView
TheRelativeStrengthIndex(RSI)curvewasclosetothemidlineregion,around47.ItmirrorsaconvergenceofthesignallinewiththeRSIline.Itresembledindecisivenessamongthemarketparticipants.
Afteramassivepricerallyofover80%inthelastthreemonths,aminorprofitbookingatthehigherlevelswasusual.However,thebullarmymaintainedtheirupperhandandeyestocatchthe$2markahead.
MANTRABrightOutlook:AnalystWeighsinonFavorableFactors
InarecenttweetonX,ImZiaulHaquehighlightedmultiplepositivefactorsabouttheOMprice.ThecurrentpositioningofOMinRealWorldAsset(RWA)isconsiderable.WithaTotalValueLocked(TVL)of$5.95Billion,expertsweighabullishoutlook.
MANTRA $OM: The RWA That Gave +7000% Return!
Experts project that the RWA sector could reach a staggering $16 Trillion by 2030, with $OM positioning itself to lead the way.
The following points are important to understand the potential.
1⃣ Bold Comeback
MANTRA was at an… pic.twitter.com/AIncboxFwz
— Zia ul Haque (@ImZiaulHaque) November 3, 2024
OMcryptohasstrongfundamentals.Itsmainnetwaslive,and36%ofthesupplywasstaked.MANTRAusestheCosmosSDKtobuildcustomblockchainsandIBCprotocolsforsmoothcommunicationacrossdifferentblockchains.Itboostsconnectivityandinteroperability.
ThestrategicpartnershipofMANTRAwithLibraCapitalandGoogleCloudhasguidedthestrongdevelopmentactivityinitsecosystem.
FuturesMarketDataRevealsMixedOutlook
TheOI-weightedfundingratestayedinthenegativeregion,-0.0146%atpresstime.ThisnegativereadinghighlightedthatmarketparticipantswerenotconfidentbuyingtheOMtoken.Also,significantdemandfortheshortpositionswashighlighted.
OpenInterestData|Source:Coinglass
TheOpenInterest(OI)hasdroppedover4.30%to$37.84Million.Itrevealedalong,unwindingmoveoverthepast24hours.TheimmediatesupportzonesforOMwere$1.23and$1.10.Incontrast,theupsidehurdleswere$1.45and$1.60.
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