As a seasoned crypto investor with several years of experience under my belt, I have witnessed numerous price rallies and market shifts. However, the recent surge of Mantra (OM) has truly piqued my interest. Reaching an all-time high of over $1.30 and surpassing a market cap of $1 billion is no small feat for any cryptocurrency, let alone one that was virtually unknown just a few months ago.
TL;DR
- Mantra (OM) reached a new all-time high of over $1.30, with a market cap surpassing $1 billion.
Analysts are bullish, envisioning targets of up to $5.
Reaching a New Peak
Mantra (OM), the second largest RWA cryptocurrency in terms of market capitalization after, has gained industry recognition with its recent price surge. Reaching an all-time high of more than $1.30 on July 16, Mantra experienced a significant daily rise of approximately 15%. This growth translates to nearly 70% over the past month and an astounding 5,000% increase since last year.
Simultaneously, OM‘s market capitalization exceeded the $1 billion threshold for the first time in history, positioning it as the 80th largest cryptocurrency.
Many analysts are convinced that the token is poised for significant growth in the future. User Smith from X observed the emergence of a classic “cup and handle” pattern on OM‘s price graph, implying a potential short-term goal of $1.38 and a long-term objective surpassing $5.
“One of the best RWA crypto projects right now,” the trader argued.
The previously mentioned pattern is identified by a clear U-shape, with a “cup” formation and a subsequent consolidation phase that looks like a “handle.” A breakout takes place once the evaluation surpasses the resistance created by the handle.
Crypto Tony also joined in, asserting that he jumped on board as an investor when OM‘s price hit $1.05 last week.
One analyst, identified as AltCryptoTalk, accurately forecasted the asset’s price surge. Early in the month, this crypto enthusiast expressed confidence that the OM token would reach a value of $1.2 once it surpassed the $1.05 resistance barrier.
Indicators Flashing the Buy Signal
In addition to optimistic market analysts, certain key performance indicators or metrics for the asset indicate that its valuation is likely to increase further. For instance, the MACD (Moving Average Convergence Divergence) indicator can pinpoint shifts in price trend, momentum, and direction.
The analysis tool calculates its results based on two moving averages: a shorter one, typically spanning 12 periods, and a longer one, usually covering 26 periods. When the MACD line surpasses the signal line, it could potentially indicate a buying opportunity. According to TradingView’s data, this situation is presently occurring.
The charting tool indicates that thirteen moving averages are presently generating a buy signal, compared to just one, the Ichimoku Base Line, which remains in the neutral zone.
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2024-07-16 21:26