As Bitcoin (BTC) reaches a new all-time high of $99,314, edging closer to the historic $100,000 mark, the cryptocurrency market is ablaze with excitement. Mantra (OM), a well-known token in the Real-World Assets (RWA) story, is riding the bullish momentum and is continuing its remarkable rally. OM is now trading at $3.67 after rising more than 7% over the last day.
Since breaking out at $1.44 on November 14, Mantra (OM) has been on an incredible upward path. The price reached an all-time high of $4.81 after this breakout sparked a strong rally, representing an incredible gain of more than 200% in less than ten days.
Source: CoinMarketCap
The daily chart indicates that OM has somewhat retreated from its peak and is now holding steady above $3.60. Although some consolidation may be anticipated in the near future, the RSI's continued presence in overbought territory at 83.32 indicates that bullish momentum is still strong. Currently, OM is trading at $3,67, with a market capitalization of $3,31 billion, making it the 36th-largest crypto to date.
Will OM Reach $5 With The Next Breakout?
On the 2-hour chart, OM has formed a descending channel pattern after entering a consolidation phase following its all-time high. A breakout is frequently preceded by this pattern, and OM is presently testing the channel's upper trendline.
We might witness another strong upward move if OM is able to overcome this resistance. If OM breaks out of this channel, it may move to $5 and possibly even $7.
Examining the charts in more detail shows steady institutional accumulation with solid support at $4.10. While volume profiles show systematic buying patterns that are consistent with early-stage institutional positioning, the RSI at 68 indicates upward momentum without being overbought.
ОМ’s support zones, based on the charts, are set at $4.10 and $3.80, respectively, while a notable price breakout is anticipated due to the lack of historical resistance above $5. The overall trend of systematic stair-stepping price action is also a well-known sign of institutional accumulation.
Can OM reach even higher?
Being the top Layer-1 for RWA tokenization, OM has established a distinct market niche in the blockchain industry, in contrast to other Layer-1s that concentrate on gaming or general DeFi ecosystems.
By transforming the tokenization of money market funds, institutional-grade investments, and private credit, the MANTRA Chain is currently opening up a $10 trillion market.
Furthermore, OM's dedication to compliance, scalability, and institutional adoption is demonstrated by its partnerships with Libre Capital and its availability of funds associated with BlackRock. A solid basis for expansion is guaranteed by the introduction of the MANTRA Chain mainnet, which includes modules designed for RWAs, regulatory compliance, and multi-chain interoperability.