Mantra is up 2,100% in 2024 as technicals point to more gains

Mantra, one of the best-performing altcoins of 2024, continued its strong rise and rose to its highest level in two months.

Mantra (OM) jumped to $1.3155 as Bitcoin (BTC), Ethereum (ETH), and other altcoins pulled back amid rising geopolitical tensions. This year there was an increase of over 2,130%.

Its rise coincided with a continued recovery in futures open interest, which rose to a multi-month high of $30 million. Increasing open interest indicates strong demand for an asset from investors.

There are three possible reasons for the continued rise. First, Mantra signaled that it would launch its mainnet this month. Although no date has been announced, it will most likely take place on October 23 during the Cosmoverse event in Dubai. In most cases, crypto companies launch major projects when major events occur.

Mantra hopes that its mainnet will help it become the best network for developers in the Real World Asset tokenization industry. Analysts believe that the industry will encourage partial ownership of assets, increase liquidity and increase transparency.

Mantra’s network will have low transaction costs, a modular architecture, compliance and security features, and decentralized structure. As a Cosmos network, it will have access to the Inter Blockchain Communications protocol, which facilitates the transfer of assets between blockchains.

Secondly, Mantra has skyrocketed due to its staking rewards, which are some of the highest in the industry. While the staking return is 22.32%, the staking rate is around 50%. Staking rate is an important metric that examines the proportion of staked tokens in circulation.

Mantra price has strong technical characteristics Mantra price chart | Source: TradingView

OM’s rally is also supported by its strong technical characteristics. On the daily chart, the Relative Strength Index has been showing a slow and steady rise since August, when it dropped to 36. On October 2, it was approaching the overbought level of 70.

The Average Directional Index, a popular indicator that measures the strength of a trend, rose to 33. A trend is considered strong when it rises above 25.

Additionally, both lines of the MACD indicator have moved up. Therefore, Mantra may continue to rise with the next reference level at $1.4140, which is the all-time high and 12% above the current level.