The traders have gained immense interest in the RWA tokens during the last quarter of 2023, which triggered a bullish wave within the markets. The market capitalization of them soared massively from around $2 billion to as high as $57.60 billion by the end of Q1 2024. Since then, the markets have faced a massive pullback and have remained stuck under a deep bearish influence. However, after facing extreme bearish heat in the coming days, this popular RWA token, Mantra (OM), is believed to trigger a massive run shortly.
After experiencing more than a 3000% rise in the Mantra (OM) price in the first few days of the year, the token faced over 38% pullback. However, after reaching the levels it traded back in June, the token is now preparing for a massive upswing. As per the recent update about the platform, the token’s mainnet is expected to be launched in the coming month, which may trigger an ‘OMtober’.
Ever since the start of the bull run, the OM price has been trading within a rising parallel channel and rebounded from the lower support. The token registered a 15% rise during the last trading day, intending to reclaim $1. The platform is about to launch its mainnet in the coming October, which may have a prolonged impact on the token. The support has been held finely and hence, with the growing team of over 100 people, OM is expected to become the number one project in the RWA space.
The OM price has triggered a sharp rebound from the lower support of the channel, indicating the possibility of reviving a strong ascending trend. The DMI, which underwent a bearish crossover, may soon experience a reversal as the -Di is about to plunge hard. However, the RSI remains elevated, which keeps the bullish possibilities alive. Therefore, the Mantra (OM) price is expected to maintain a consolidated ascending trend and rise beyond $1.22 in the coming days.
