Mantra (OM) Reaches New All-Time High with 132% Weekly Increase
Analysts project an upward movement in Mantra's price as key indicators suggest potential growth.
Mantra has emerged as a leading performer in the altcoin market, with daily active addresses increasing by 570% to reach an all-time high.
Active Addresses Soar
Growing excitement among Mantra holders is linked to speculation about an upcoming airdrop. The cryptocurrency recorded an all-time high alongside a significant rise in daily active addresses.
Data indicates that daily active addresses for Mantra surged by 573% over three days, reflecting heightened trading activity and interest among holders.
$OM hits ATH again!
It’s one of the strongest players in the RWA section and a true point of pride for the Cosmos ecosystem
Plus, an airdrop is coming in the next days!
Exciting growth! pic.twitter.com/YBFxnj6uQB
— Cosmos Airdrops
(@Cosmos_Airdrops) November 14, 2024
Currently, OM trades at $3.35 per coin, marking a new all-time high, with a 24-hour trading volume exceeding $674 million. Over the past week, Mantra has seen a 132% price increase, bringing its total market capitalization to over $3 billion.
Whale activity has also increased due to the recent price surge. Notably, a whale who held a significant amount of Mantra since December 2023 recently acquired additional coins to enhance holdings.
The whale purchased $2.62 million worth of OM tokens, adding to the existing 18.27 million coins owned. Additionally, net inflows from large holders rose to 2.39 million OM valued at $5.75 million on November 15, up from 716,040 tokens on November 13, indicating bullish sentiment among major investors.
OM Hits All-Time High
Market analysts report that Mantra's price rose nearly 50% in 24 hours, achieving a new all-time high.
Over the past year, the cryptocurrency has increased by more than 10,000%, positioning it among the top-performing altcoins. Mantra is noted as the only RWA-focused digital asset to achieve a 100-fold return this year and ranks 44th in total market capitalization according to CoinGecko.
Open interest in the coin’s futures market surged by 78.22% in the last day, reaching a record $115 million, significantly higher than the $24.70 million recorded in September.
Bullish Momentum
Analysts predict continued upward momentum for Mantra, as price charts indicate the token remains above the upper Bollinger Band at $2.0850.
This forecast aligns with the Average Directional Index reading of 35.96, which suggests a strong trend when values exceed 25.
Indicators suggest that Mantra may continue to rise, potentially experiencing another price rally in the short term.
Featured image from Pexels, chart from TradingView
Authors credited by the source: Christian Encila
Published by Holder based on an external source.
