Mantra (OM) Price Defies the Market Slump – What’s Driving Its New Highs?

The crypto market took a massive hit in the last 48 hours, with losses topping $2.3 billion in just one day. But in the middle of this mess, Mantra (OM) stands out. The token hit record prices and is still climbing – up 9% in the last day to $5.95.

Mantra Chart Analysis: Strong Technical Indicators Signal Growth Potential

OM’s price movement reflects a strong uptrend, characterized by consistent higher highs and higher lows. The asset has successfully breached key resistance levels, as shown in recent charts, and is now supported by robust zones around $5.27 and $4.87. Looking at the charts, OM’s price found support at key Fibonacci levels of 0.382 and 0.5, suggesting room to move higher.

The price stays strong above the 50-day and 200-day moving averages, showing solid upward momentum. The RSI looks healthy – bullish but not overheated. When we look at trading volume, the spikes during price jumps tell us buyers are still stepping in.

Fundamental Strength Behind OM Price Rise

Crypto influencer CowBoy Genius highlighted OM’s strong fundamentals on X, complimenting its technical performance. The project is backed by significant Middle Eastern institutional wealth, with large investments fueling its growth. Partnerships with top-tier blockchain projects have enabled financing for a wide range of assets, further establishing OM’s role in the on-chain finance space.

The analyst noted OM’s price substantial 30X growth over the past year, attributing it to its focus on Real World Assets (RWAs). This niche has helped OM maintain its relevance in the volatile crypto market, while other altcoins struggle to recover.

Mantra Outshines in a Recovering Market

As the broader market begins to stabilize, OM’s ability to achieve new highs sets it apart. The 0.618 Fibonacci level at $6.77 now acts as a potential resistance point, with a decisive breakout likely to trigger further gains. Investors are closely watching the asset, as technical and fundamental factors align to position OM’s price as a standout in the current market.

The combination of solid on-chain use cases, strong backing, and positive price action suggests that Mantra (OM) could remain a key player as the market moves forward.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.