Mantra (OM) Has Made Significant Strides Over the Past Week, Surging More Than 10%

This impressive performance comes as the cryptocurrency continues to show positive technical indicators, though caution remains as it approaches key resistance levels.

Mantra (OM) has made significant strides over the past week, surging more than 10% and solidifying its position as the second-largest Real World Asset (RWA) token by market capitalization. With a market cap approaching $6.8 billion, OM is rapidly gaining attention within the RWA space. This impressive performance comes as the cryptocurrency continues to show positive technical indicators, though caution remains as it approaches key resistance levels.

RWA tokens have been heating up in the crypto market, and Mantra’s recent performance is an indicator of the strong investor confidence in the asset. In the past seven days, OM has risen by over 10%, placing it firmly in the spotlight.

At present, OM ranks just behind Chainlink (LINK) as the second-largest RWA token when considering market capitalization, further establishing its importance in the space. However, while OM is showing strength, the token is not without its challenges. It faces significant resistance levels and a market that remains volatile, so whether the recent rally can continue is a point of focus.

Several technical indicators have provided mixed signals for OM’s price action. On one hand, the Relative Strength Index (RSI) has shown some cooling after reaching overbought levels, which could indicate that the bullish momentum is starting to moderate. As of March 19, the RSI stands at 57.89, which is a neutral reading, suggesting that while bullish momentum remains intact, the upward pressure might be easing for the time being.

A few days ago, the RSI hit 72.51, approaching the overbought zone, which typically signals that the asset could be due for a pullback. The shift back to neutral territory, however, suggests that the market is still favoring buyers but with less intensity than before. While OM is still in a bullish phase, caution is needed as the token nears key resistance zones.

One of the more optimistic indicators for OM’s continued growth is the Ichimoku Cloud, a popular tool for gauging market trends. Currently, Mantra is trading above the cloud, signaling that the overall trend remains bullish. The cloud ahead of the price has flipped green, reinforcing the idea that OM could experience further upward momentum if the trend continues.

The Ichimoku Cloud also shows that the Tenkan-sen (short-term moving average) is positioned above the Kijun-sen (long-term moving average), which is a classic bullish signal. Additionally, the Chikou Span (lagging line) is also above the price action and the cloud, further confirming the bullish outlook.

However, the price has recently pulled back after some upward movement, and if it begins to consolidate or dip toward the Tenkan-sen and Kijun-sen, traders will need to keep a close eye on whether these levels provide support. A failure to hold above these levels could signal a shift toward a more neutral trend.

Looking forward, Mantra’s price action could see a continued rally, particularly if the token breaks through the resistance levels at $7.39 and $8.16. A breakout above these levels could open the door for OM to reach new all-time highs above $9, marking a significant milestone in its price trajectory.

In the event that bullish momentum fades, however, traders will need to watch for support levels at $6.57. A drop below this zone could trigger further downside toward $6.15, with the possibility of even lower prices if bearish pressure persists.

Overall, Mantra’s recent 10% surge has solidified its position as a major player in the RWA market, and its bullish momentum is supported by technical indicators and a strong market performance. However, caution is warranted as the token faces resistance and potential market volatility. Traders should monitor key support and resistance levels to gauge whether OM can break through to new highs or face a possible correction. Regardless of the short-term outlook, Mantra remains a significant ضمن