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Further Rally in the Cards? Further Rally in the Cards?

Further Rally in the Cards?

TL;DR

  • Mantra (OM) surged over 60% in the past 30 days, hitting an all-time high of $1.50 with analysts predicting a further jump.
  • On-chain metrics suggest continued gains, but the RSI indicates it may be overbought, signaling a possible correction.

New Peak for OM

Most of the leading cryptocurrencies have experienced severe ups and downs over the past several weeks. Bitcoin (BTC), for instance, fell to $60,000 at the beginning of October and later rebounded to its current $63,000 (per CoinGecko’s data).

There are a few digital assets, though, whose prices have gone predominantly up as of late. One evident example is Mantra (OM), which has jumped by over 60% monthly. Earlier today (October 7), it hit a new all-time high of almost $1.50, whereas its market capitalization surpassed $1.2 billion.

OM Price
OM Price, Source: CoinGecko

The token’s achievement caught the eye of multiple industry participants. The popular X user IBCIG claimed OM’s momentum is “truly unstoppable,” expecting a further rally to $2.

“With its purpose-driven tokenomics and a robust Layer 1 foundation, it is by far among the best RWA projects in my portfolio,” they added.

Daan Crypto Trades and Token Sherpa chipped in, too. The former said OM performed “incredibly strong during all the chaos in the past few weeks/months,” while the latter thinks the new peak is just the beginning of a major bull run. 

On-Chain Metrics Flash the Buy Signal

Over a dozen important metrics suggest that OM’s bull run is nowhere near its end. One of those is the Momentum Indicator (MOM), which measures the asset’s rate of change and compares the current valuation with the price from previous periods. As of the moment, it is set at around 0.2, presenting a potential buying opportunity.

The Simple Moving Average (on a 10-day scale), the Exponential Moving Average (on a monthly basis), and the Hull Moving Average also indicate possible gains in the near future

One of the very few metrics hinting at a potential correction is the Relative Strength Index (RSI). The momentum oscillator has surpassed a ratio of 75, entering overbought territory. This suggests that OM might be overvalued, and a pullback could occur. 

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Dimitar Dzhondzhorov

https://cryptopotato.com/mantra-om-price-hits-a-new-ath-further-rally-in-the-cards/

2024-10-07 14:00:51

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litecoin
Litecoin (LTC) $ 104.00 0.04%
pepe
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hyperliquid
Hyperliquid (HYPE) $ 20.43 5.02%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,457.99 0.88%
near
NEAR Protocol (NEAR) $ 5.07 0.24%
usds
USDS (USDS) $ 1.00 0.07%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
aptos
Aptos (APT) $ 8.99 0.51%
internet-computer
Internet Computer (ICP) $ 10.29 2.96%
aave
Aave (AAVE) $ 287.15 1.04%
mantle
Mantle (MNT) $ 1.17 0.73%
crypto-com-chain
Cronos (CRO) $ 0.14233 0.77%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.456747 0.89%
ethereum-classic
Ethereum Classic (ETC) $ 25.52 0.42%
render-token
Render (RENDER) $ 7.23 3.63%
mantra-dao
MANTRA (OM) $ 3.88 3.71%
vechain
VeChain (VET) $ 0.04491 1.51%
monero
Monero (XMR) $ 195.11 1.38%
bittensor
Bittensor (TAO) $ 435.41 1.97%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34 0.40%
dai
Dai (DAI) $ 1.00 0.03%
tokenize-xchange
Tokenize Xchange (TKX) $ 41.51 1.95%
filecoin
Filecoin (FIL) $ 5.19 0.81%
arbitrum
Arbitrum (ARB) $ 0.741382 2.04%
bitcoin
Bitcoin (BTC) $ 94,756.39 0.05%
ethereum
Ethereum (ETH) $ 3,275.80 0.83%
xrp
XRP (XRP) $ 2.40 3.99%
tether
Tether (USDT) $ 0.999856 0.04%
bnb
BNB (BNB) $ 698.55 0.41%
solana
Solana (SOL) $ 186.52 2.64%
dogecoin
Dogecoin (DOGE) $ 0.338951 1.08%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.944522 0.79%
staked-ether
Lido Staked Ether (STETH) $ 3,274.94 0.80%
tron
TRON (TRX) $ 0.242666 0.15%
avalanche-2
Avalanche (AVAX) $ 36.89 1.43%
sui
Sui (SUI) $ 5.02 0.92%
the-open-network
Toncoin (TON) $ 5.40 3.10%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,892.44 1.18%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 1.84%
stellar
Stellar (XLM) $ 0.423189 4.54%
chainlink
Chainlink (LINK) $ 20.20 0.64%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,563.34 0.05%
hedera-hashgraph
Hedera (HBAR) $ 0.282607 1.33%
polkadot
Polkadot (DOT) $ 6.71 0.22%
weth
WETH (WETH) $ 3,275.50 0.80%
bitget-token
Bitget Token (BGB) $ 7.34 12.11%
bitcoin-cash
Bitcoin Cash (BCH) $ 440.07 1.73%
leo-token
LEO Token (LEO) $ 9.38 3.54%
uniswap
Uniswap (UNI) $ 13.80 4.08%
litecoin
Litecoin (LTC) $ 104.00 0.04%
pepe
Pepe (PEPE) $ 0.000018 1.91%
hyperliquid
Hyperliquid (HYPE) $ 20.43 5.02%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,457.99 0.88%
near
NEAR Protocol (NEAR) $ 5.07 0.24%
usds
USDS (USDS) $ 1.00 0.07%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
aptos
Aptos (APT) $ 8.99 0.51%
internet-computer
Internet Computer (ICP) $ 10.29 2.96%
aave
Aave (AAVE) $ 287.15 1.04%
mantle
Mantle (MNT) $ 1.17 0.73%
crypto-com-chain
Cronos (CRO) $ 0.14233 0.77%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.456747 0.89%
ethereum-classic
Ethereum Classic (ETC) $ 25.52 0.42%
render-token
Render (RENDER) $ 7.23 3.63%
mantra-dao
MANTRA (OM) $ 3.88 3.71%
vechain
VeChain (VET) $ 0.04491 1.51%
monero
Monero (XMR) $ 195.11 1.38%
bittensor
Bittensor (TAO) $ 435.41 1.97%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34 0.40%
dai
Dai (DAI) $ 1.00 0.03%
tokenize-xchange
Tokenize Xchange (TKX) $ 41.51 1.95%
filecoin
Filecoin (FIL) $ 5.19 0.81%
arbitrum
Arbitrum (ARB) $ 0.741382 2.04%