The OM token climbed to the top of the gainers list on Thursday after rising over 14%. At press time, the coin is trading at $1.05, up nearly 10% compared to the same time last day, according to data from CoinMarketCap.
The coin’s weekly chart also indicates a robust gain, with the current rise set at nearly 30%.
OM token sees boost in investor confidence
Before the bull run began at the beginning of 2024, the OM token had been trading at tolerable levels for more than three years. Since its most recent significant rises occurred between October 2020 and March 2021, Mantra (OM) has been experiencing a bull run on high timeframes. In 2024, the trend was sufficient to cause OM to enter another increasing frenzy.
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Following the news of Mantra’s partnership to advance real-asset tokenization on the network, OM rose to its all-time high of $1.09 in June. Since then, the MANTRA token has adjusted, fluctuating between $0.60 and $0.80. Last week, it saw an 11% surge that resulted in a weekly high of almost $0.89. OM ranked 108th on CoinMarketCap, has managed to hold onto its $0.7 pricing despite the terrible times.
Why is Mantra token rising?
OM’s current success has been attributed to several factors. The decentralized finance (DeFi), staking, and lending components of MANTRA’s ecosystem have attracted much interest and usage for the token. The platform’s inventive features and strong community support have stimulated demand for the product, resulting in remarkable pricing success.
Additionally, the current market correction has highlighted the significance of resilience and diversity in bitcoin portfolios. Promising initiatives like MANTRA have drawn the attention of investors looking for alternatives to more established tokens like BTC and ETH, which have increased the price of OM.
Will OM rise in the future?
Based on the current price estimate, the price of MANTRA is expected to increase by 224.90% to $3.17 in the upcoming months. Analyst data and other technical indicators indicate that the current mood is bullish, and the Fear & Greed Index is reading 29 (Fear).
Over the previous 30 days, MANTRA saw 13/30 (43%) green days and 10.39% price volatility. Data also indicates a bullish general sentiment for the price prognosis of MANTRA, with 28 technical analysis indicators indicating bullish signals and 3 indicating bearish signs.
The bullish view of OM’s price is supported by several important technical indicators. Currently, the Relative Strength Index (RSI), which gauges how quickly and how much prices move, is roughly 60. With room for more rise, this level indicates that OM is neither overbought nor oversold. A ratio greater than 70 denotes overbought conditions and is seen as bearish.
