Mantra (OM) Price Defies the Market Slump – What’s Driving Its New Highs?

The crypto market took a massive hit in the last 48 hours, with losses topping $2.3 billion in just one day. But in the middle of this mess, Mantra (OM) stands out.

Cryptocurrency prices took a massive hit over the last 48 hours, with losses crossing $2.3 billion in a single day. However, amidst the market turbulence, a select few tokens managed to buck the trend and achieve new highs.

Among them, Mantra (OM) stood out with an impressive performance. The token surged to record prices and showed no signs of slowing down, adding 9% to reach $5.95 in the last 24 hours.

A glance at the Mantra chart revealed a strong uptrend, with the asset making higher highs and higher lows. The price had breached key resistance levels, as seen in recent charts, and was now supported by strong zones at $5.27 and $4.87.

Moreover, the price found support at crucial Fibonacci levels of 0.382 and 0.5, indicating further room for upward movement.

The price remained strongly above the 50-day and 200-day moving averages, indicating solid upward momentum. The RSI was also healthy, showing bullishness without being overheated. Notably, the trading volume spiked during price surges, indicating buyers’ continuous entry.

Emphasizing the strong fundamentals behind OM’s price rise, crypto influencer CowBoy Genius highlighted the token’s strong performance on X.

The project had attracted substantial Middle Eastern institutional wealth, with large investments fueling its growth. Partnerships with top-tier blockchain projects enabled financing for a wide range of assets, further cementing OM’s role in on-chain finance.

Highlighting OM’s 30X growth over the last year, the analyst attributed it to the token’s focus on Real World Assets (RWAs). This niche had helped OM maintain its relevance in the volatile cryptocurrency market, where other altcoins struggled to recover.

As the broader market showed signs of stabilizing, OM’s ability to reach new highs set it apart. The 0.618 Fibonacci level at $6.77 acted as a potential resistance, and a decisive breakout could lead to further gains.

Investors kept a close watch on the asset, as technical and fundamental factors converged to position OM’s price as a standout in the current market.

The combination of strong on-chain use cases, solid backing, and positive price action suggested that Mantra (OM) could remain a key player as the market progressed.

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