As an experienced cryptocurrency analyst, I’ve seen my fair share of market volatility and price fluctuations. The recent surge of Mantra (OM) in the past week has caught my attention, outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) during a severe market correction.
TL;DR
- Mantra (OM) surged nearly 15% in the past week, outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) during a market correction.
Analysts suggest OM could reach new highs if it breaks key resistance levels, supported by strong RSI and MACD indicators signaling continued upward momentum.
The Top Performer
Mantra (OM) – the second-largest real-world asset (RWA) in terms of total market capitalization – is among the best-performing cryptocurrencies in the past week. Its price is up almost 15% for that period, outpacing Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and many more, which remain deep in the red as a result of the severe correction witnessed a few days ago.
As a crypto investor, I’ve noticed some analysts predicting potential gains for OM in the coming days. One analysis by a X user suggests that if OM breaks through the current resistance level of $1.05, its value could surge to a new peak of $1.20. On the other hand, the range between $0.55 and $0.60 is considered a supportive area where the price may find some stability if it dips.
As an analyst, I’ve observed some metrics that suggest OM‘s rally may not have reached its end yet. The Relative Strength Index (RSI), which measures the momentum and change in price movements, is presently around 60 for OM. Generally, a RSI above 70 is seen as bearish because it indicates an overbought condition. However, with OM’s RSI being below this level, it could signal that there is still room for the asset to continue gaining value.
The Moving Average Convergence Divergence (MACD) is another valuable technical analysis tool to watch. It helps identify potential buying and selling opportunities, and based on TradingView’s latest data, the MACD currently indicates a “buy” signal.
Crypto Markets Still Overcoming the Latest Crash
I’ve discussed earlier that not every cryptocurrency is experiencing gains, with Mantra’s OM being an exception. Let me remind you that Bitcoin (BTC) dipped below the $54,000 mark on July 5 – a five-month low – and Ethereum (ETH) sank under $2,900. Fortunately, both assets have bounced back from what appeared to be their local bottoms and are currently valued at approximately $55,600 for Bitcoin and $3,100 for Ethereum.
Ripple’s XRP performed even worse, crashing to a one-year low of $0.39. In the following days, it erased some of the losses, with its value rising above $0.43 (a 10% decline on a weekly scale).
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2024-07-09 17:30