The Mantra price has stabilized in the past few days, with technicals pointing to an eventual jump to $10 in this bull run. The OM token was trading at $6.82 on Monday morning, slightly above this month’s low of $5.86.
Mantra Price Technical Analysis
The daily chart shows that the OM price peaked at $9.1265 in February before pulling back as the fear and greed index plunged to the extreme fear zone. Still, Mantra is one of the top-performing coins, having jumped from a low of $0.5 last year.
Mantra coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control for now.
Most importantly, oscillators like the Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) are all pointing upward. That is a sign that the coin has started to regain momentum after the recent retracement.
The other notable feature is that the Mantra price has formed a falling wedge chart pattern. This popular pattern comprises two descending and converging channels. Mantra’s price has now moved above the upper side of this wedge, a sign that a bullish breakout is about to happen.
Therefore, the most likely scenario is a strong bullish breakout of the Mantra price as bulls target the all-time high of $9.1265, which is about 33% above the current level. A move above that level will raise the possibility of the token jumping to the psychological level at $10. A breach of this level will invalidate the double-top pattern, which has a neckline of $5.86.
A Compelling Bullish Case for the OM Token
A compelling bullish case for the OM token price is that it is establishing itself as the go-to blockchain for Real-World Asset (RWA) tokenization. RWA is a technology that enables companies to convert their physical assets into easily moveable tokens.
The tokenization industry is estimated to grow from approximately $200 billion annually to over $2 trillion by 2030. Mantra has developed Mantra Chain, which is purposefully built for this technology. It has fast speeds and low transaction costs, making it better than Ethereum.
Mantra has made significant strides in recent months. It secured a deal to tokenize assets worth over $1 billion for Dubai’s large real estate company. Mantra also secured the first DeFi license by the Virtual Assets Regulatory Authority (VARA). The license allows it to operate an exchange of virtual assets, including tokenized ones.
Mantra’s price has also surged in anticipation of the upcoming GenDrop, which will see community members receive tokens that they can convert into fiat assets.
READ MORE: Top 3 RWA Ethereum Coins to Buy After Mantra Surged 115%
