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.

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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