Mantra price has had a spectacular performance this year as it jumped by over 7,000%, bringing its valuation to over $3.8 billion. Technicals and fundamentals suggest that the OM token has the momentum to keep surging in the near term.
Mantra price technicals point to more gains
The daily chart shows that the OM crypto price has done well this year as it jumped from a low of $0.0552 to over $4 today. As a result, the coin has moved above all moving averages, a sign that it has the momentum.
Most recently, Mantra price has formed a bullish pennant pattern, which is a popular continuation sign. This pennant, which is shown in red, is characterized by a vertical line and a symmetrical triangle pattern.
The Market Value to Realized Value (MVRV) indicator has also moved to 3.4, a few points below the all-time high of 3.7. This is an indicator that looks at the current price and compares it with the realized value or the sum of the acquisition price of all coins in circulation.
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Therefore, there is a likelihood that the Mantra price will have a strong bullish breakout in the near term. If this happens, the next point to watch will be at $4.5390, its highest level this year. A break above that level will point to more upside, with the next point to watch being the psychological point at $5.
OM has strong fundamentals
Mantra has strong fundamentals that could help it continue the bullish run. First, it recently launched Mantra Chain, which it hopes will become the biggest layer-1 network for Real-World Asset (RWA) tokenization, an industry that is expected to be worth trillions. Just recently, tokenized by funds by Franklin Templeton and Blackrock are estimated to be worth almost $1 billion.
Second, management has proposed changing its tokenomics ahead of Christmas. In a long post, JP Mullin, who started Mantra, noted that he would ask the community to complete a review of the tokenomics, vesting schedules, and inflation. He hopes that the proposed changes will help make the network more successful in the long term.
Further, Mantra is one of the best cryptocurrencies to stake. It has a staking yield of almost 30%, making it one of the highest-yielding coins in the crypto industry. This means that $1,000 invested in the coin will mostly bring about $300 in staking rewards, a strong return.
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