MANTRA [OM] Token Climbs to a New All-Time High After DAMAC Deal

Real-world asset tokenization platform (RWA) MANTRA [OM] has secured a deal with Dubai developer DAMAC to tokenize assets in the Middle East.

Real-world asset tokenization platform MANTRA (OM) has secured a deal with Dubai developer DAMAC to tokenize assets in the Middle East. The deal is reportedly worth at least $1 billion and was struck in the first week of January.

However, the announcement of the deal did not immediately trigger a price hike. In fact, three weeks later, OM hit a new all-time high. It rose to an ATH of $5.96 before dropping 11% over the last few hours.

Consolidation, breakout, retest, and new highs

Source: OM/USDT on TradingViewWith a market capitalization of $5 billion, the token is classified as a relatively large-cap token. MANTRA’s rise in recent months has been explosive and sustained. Since March 2024, OM has risen by nearly 20x. It has outperformed the vast majority of the market, maintaining its uptrend throughout the past year.

This performance is noteworthy, especially since the altcoin was highly volatile last March and over the past month. The last few weeks saw a range formation between $3.5 and $4.33. The breakout beyond the highs on 26 January was followed by a retest and a sustained rally.

The Fibonacci extension levels showed that the next targets are $6.56 and $7.82. Following the breakout, the A/D indicator crept higher to show increased buying volume. The MACD also noted strong bullish momentum on the daily chart.

Source: CoinglassTogether with the price, the Open Interest has also been steadily increasing, especially since November. The OI went from $46 million in mid-November to $434 million on 31 January. The consolidation phase in recent weeks was accompanied by a pullback in OI.

The OI expansion highlighted strong speculative interest. It is likely to recede in case OM fails to maintain its current upward momentum. The OI trends, especially on the lower timeframes, can be a useful tool to understand market sentiment and bullish conviction.