Mantra (OM) Surges 25%, Will The RWA Supporting Crypto Hit $2? 

The post Mantra (OM) Surges 25%, Will The RWA Supporting Crypto Hit $2?  appeared first on Coinpedia Fintech News

Mantra, the Ethereum-based Layer 1 blockchain and frontrunner of the RWA category in crypto has been in investor’s eyes since this June. 

OM Coin, the native asset of Mantra has rallied 25% in 7 days and regained the $1 mark, a long-term resistance after its fall in mid-April. The growth reflects its news on partnership with Zand Bank and Mantra’s technical developments with the Ondo team over USDY stable coin integration.

The OM coin price action was further fueled when on-chain factors were seen making upward activity. Recent data by defilama revealed the OM growth in Total Value Locked ( TVL) by 27% reaching $1.15 million since June. OM coin staking also increased to $58.4 million.

An impulse rise is also seen in the staking of OM tokens which reached $58.4 million from $40.74 million on June 1. 

Mantra Coin is on an uptrend after breaking out yesterday of a sideway channel and moving into the $1 zone. However, the price faces rejection at $1.09, and a slight retracement was seen near the new critical support zone of $1. 

The struggle between buyers and sellers is likely to form a consolidation phase as the RSI at 67 affirms a slowdown to happen. Mantra Crypto Price today is trading above all the moving averages, indicating a bullish momentum ahead.

The MACD line (blue) is moving away from the signal line (orange), also indicating a strong bullish trend. 

The Short term technical analysis of Mantra (OM) shows a bullish bias, as the tecnichals represent a strong bullish continuation. The breakout of a sideway channel to an upward direction is often a signal of the long bullish trend. 

Bulls are likely to take control further after a slight corrective phase with an aim toward $1.2 to $1.5 in the next trading session. This can happen if the social sentiments and fundamentals remain consistent in the media. 

If invalidated by the loose sentiments or marker fallback the OM Price may retract to its strong support zones at $0.90 and $0.85. 

Though the long-term analysis also prints a bullish map for Mantra crypto, to breach into the $2 zone bulls may require more power. 

Swing traders can enter now anywhere in the $1 to $1.1 area as the bullish trend will continue but keep a watch on the marker buzz and RSI levels that represent the overbought and oversold condition of an asset.