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Cryptocurrencies crashed this week after the minutes from the Federal Reserve meeting showed fewer interest rate cuts than expected, leading to a big surge in bond yields. But Mantra price remained steady, defying gravity and continuing to attract buyers.
OM was trading at $4, a few points below the all-time high of $4.62. Here’s why it may be about to surge.
Mantra price analysis points to more gains
The daily chart reveals that Mantra has formed a highly bullish chart pattern that could lead to more gains soon.
The price of OM started at $0.018 in 2024 and then went on one of the biggest rallies in the crypto industry, peaking at $4.62 and becoming one of the biggest coins in the market.
Some of the biggest gains occurred in November when the coin went parabolic. That move has now formed the flag pole of the bullish pennant pattern, a popular continuation pattern in technical analysis.
Since November last year, the coin has been forming the pennant section of this pattern, and the two lines of the triangle are now converging.
Mantra price has been trading above the 50-day and 100-day moving averages. As a result, the token is likely to have a strong bullish breakout in the next few days.
If this happens, the initial target to watch will be the all-time high of $4.6250, which is about 15% above the current level.
A break above that level will signal a move to $5.8, the 61.8% Fibonacci Extension level, which is about 50% above the current level.
The bullish outlook will be invalidated if the token crashes below the key support at $3.05, its lowest swing on December 9.
OM price supported by the RWA opportunity
Mantra price is rising on the back of the ongoing year-end challenge by Binance that will see users share a prize pool of up to $1 million in OM tokens and USDC.
To participate, users simply need to join and subscribe to BNB locked products.
Final Call!Don't miss the BNB Year-End Challenge! Share a prize pool of up to $1M in @MANTRA_Chain OM and USDC with BNB Locked Products.Get started now 👉 https://t.co/5P4rMjLXJ0 pic.twitter.com/96jG0byGLg
Mantra is also surging because of the large market opportunity in the RWA tokenization industry.
According to CryptoSlate, all crypto tokens in the RWA industry are now valued at over $48 billion. These include Mantra, Avalanche, Chainlink, Internet Computer, and Ondo.
Another data from DeFi Llama shows that the total value locked (TVL) in the RWA industry is over $8.4 billion. Examples of these tokens are the likes of Hashnote USYC, Usual, Tether Gold, and Ondo Finance.
As this sector continues to thrive, it is highly likely that the gains will benefit Mantra.
Mantra has positioned itself as a key player in this industry by building MantraChain, which it hopes will become the largest layer-1 network for the tokenization industry.
As a result, the Mantra token is likely to continue rising as the growth of this industry gains momentum.
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