Optimistic analyst and low volatility; Can OM Cryptocurrencies Double?

Mantra (OM) works as a native token for the Mantra DAO platform. It was developed on the ETH chain and is also known as an ERC-20 based token. Mantra DAO focuses on governance, lending and staking. Its platform is known for its community-driven approach, where its users can engage in DeFi-based trades.

On June 5, a tweet post from MANTRA’s official address said that Zand Bank and Mantra have signed a memorandum of understanding for real world assets (RWA) compliance in the United Arab Emirates (UAE). They also said they will focus on establishing clear frameworks for the tokenization of RWAs in accordance with Dubai’s Virtual Assets Regulatory Authority (VARA).

🔥 #Zand Bank and #MANTRA sign MOU for RWA compliance in UAE

MANTRA and Zand will focus on establishing clear frameworks for #RWA tokenization, in accordance with Dubai’s Virtual Asset Regulatory Authority (VARA). This move will ensure perfect #tokenization of the real world… pic.twitter.com/rOS8HYF982

— MANTRA – Tokenization of RWAs (@MANTRA_Chain) June 5, 2024

Furthermore, after securing a partnership in Dubai, OM is on a strong rise this week. The price of the token has increased by almost 40% this week.

Furthermore, the Mantra (OM) cryptocurrency has rallied by 17.34% in terms of market value and has seen a massive increase of 232.25% in trading volume over the past 24 hours, according to CoinMarketCap. Its market value is $861.015 million and its trading volume is $160.912 million. There are 793.991 million OM coins in circulation and the volume to market cap ratio as of this writing stands at 18.65%, indicating good liquidity. This makes it easier for OM investors and traders to buy and sell an exchange as close to its value as possible.

What does the price and volatility of Mantra (OM) illustrate?

This chart illustrates the contrast between volatility and price movement in the OM cryptocurrency. The rating shows that OM Crypto has witnessed tremendous growth in the last few sessions after partnering with Zand Bank. However, volatility did not increase much, demonstrating the stability of OM price.

Volatility (1W) | From Santiment.com

Furthermore, Mantra (OM) cryptocurrency seems comfortable at higher price levels, which shows that sellers are sitting on the sidelines and bulls could help OM price rise further.

An analyst expects double gains in the price of the Mantra (OM) cryptocurrency; Can it reach the $2 mark?

At the beginning of the year the price of OM had started a process of consolidation and after the end of January it slowly regained pace. Bulls’ interest increased and the price flew to 1 dollar mark by April 10. Subsequently, the price consolidated to break out of the range on June 9, receiving support from the key support area at $0.65.

As of this writing, OM is trading at 1.086 with an intraday gain of 5.06% and massive volume gain. Furthermore, it traded above the dynamic support of the 50-day and 200-day EMAs.

Token staking and liquidity | From Defillama.com

According to DefiLlama, the Mantra DAO (OM) cryptocurrency has attracted investors, which has increased market participation in the asset. Therefore, he increased his stake and token liquidity.

Some other tools, such as MACD and RSI, illustrate the growth of OM crypto. However, the RSI jumped to 80.11, in extremely overbought territory. Bullish strength may be limited, so investors and readers should remain cautious.

$OM the Next $ONDA is like a breakout to pump here?? Place your bets, I already did pic.twitter.com/XvP01SxExS

— Cameron Fous (@Cameronfous) June 10, 2024

One analyst, Cameron Fous, optimistically tweeted about X that like the ONDA cryptocurrency, the OM cryptocurrency could show a huge boost to the $2 value.

Therefore, if the OM cryptocurrency continues to rise, the new targets would be $1.50 and $2.0.

Conversely, if it slips back into the range, the lateral momentum could increase. Suppose OM price falls below $0.65, the downside could increase and the next support would be $0.50 level.

Summary

Cryptocurrency Mantra (OM) has seen a significant increase in market value and trading volume, with a partnership in Dubai contributing to its growth. Meanwhile, the cryptocurrency has shown price stability despite witnessing substantial growth, with the potential for further increases in price levels.

Furthermore, the price of the OM cryptocurrency showed a consolidation and gradual increase, with predictions for potential increases towards the $1.50 and $2.00 targets. However, caution is advised as the flashing RSI at 80.11 indicates an extreme overbought condition.

Potential support and resistance levels are identified at $0.65 and $0.50, respectively, to evaluate the future trajectory of the OM cryptocurrency.

Disclaimer

In this article, the views and opinions stated by the author or any person named are for informational purposes only and do not establish investment, financial or other advice. Trading or investing in cryptocurrency assets carries the risk of financial loss.

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