Mantra hits new all-time high, technicals suggest more gains ahead

Mantra has increased by over 40% in the last 24 hours.

The real-world asset tokenization platform reached an all-time high of $2.71 on November 16. Technical indicators point to the potential for more gains in the short term.

In the past year, Mantra (OM) has surged over 10,000%, making it one of the best-performing altcoins in the cryptocurrency market. This makes OM the only RWA-focused cryptocurrency to achieve 100x returns this year.

At the time of writing, the token’s market cap stood at $2.03 billion, with 97.1% of OM holders per data from IntoThe Block.

Open interest on OM’s futures market increased by 78.22% from the previous day, reaching an all-time high of $115.64 million; This is well above the $24.75 million recorded at the beginning of September. An increase in OI indicates increased investor interest, which is indicative of increased trading activity and potential expectations for future price movements.

Catalysts of the rally

OM’s latest price hike comes amid major milestones achieved by Mantra in the RWA sector.

In October, the project launched its mainnet, which offers low transaction costs, enhanced network security, regulatory compliance, and multi-chain asset transfer capabilities thanks to its integration with the Cosmos network.

Additionally, Mantra has acquired cloud computing giant Google Cloud as the primary validator and infrastructure provider for the blockchain network to increase the security and scalability of the platform while increasing investors’ trust.

Following the recent price increase, whale activity around OM has intensified. A whale that has surpassed 18.27 million OM since December 2023 recently added another $2.62 million worth of tokens on November 16, according to on-chain data platform Spot On Chain.

Data from IntoTheBlock also points to a huge jump in OM net inflows from large holders; It rose from 716,040 OM on November 13 to 2.39 million OM by November 15, valued at $5.75 million. Such strong accumulation is perceived as a bullish sign by large investors.

Community momentum and technical indicators

Increased excitement within the Mantra community fueled by an upcoming airdrop has also contributed to increased activity around OM. The number of daily active OM addresses has increased by over 573% in the last three days; This indicates that trading activity around OM is increasing; This is a positive signal for investors.

$OM He hit ATH again! 🚀

One of the strongest players in the RWA division and a true source of pride for the Cosmos ecosystem ☄️

Moreover, an airdrop is coming in the coming days! 👀 🪂

Exciting growth! pic.twitter.com/YBFxnj6uQB

— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) November 14, 2024

OM 24-hour price, Bollinger Bands and ADX chart — November 16 | Source: crypto.news

From a technical perspective, OM’s bullish momentum remains intact. On the 1-day OM/USDT price chart, OM is trending above the upper Bollinger Band at $2.0857, indicating that the altcoin is still in a strong uptrend and will potentially bring more price gains for its holders in the coming days.

The Average Directional Index ADX reading of 35.96 confirms the strength of the uptrend, as readings above 25 generally mean that the trend surrounding the asset in question is strong.

These technical indicators suggest that OM may continue its rise with a potential target at the $2.50 psychological resistance level in the short term. A break above this level could initiate a price discovery phase that would see the token reach new highs.

However, a pseudo-anonymous trader using the pseudonym Scofield predicted a brief correction before the OM resumes its upward trajectory. If this decline occurs, it may offer more savings opportunities for both individual and institutional investors.

At press time, OM was changing hands at $2.29 per coin.