Home » Journal » Mantra Price Pumps and Hits New ATH, But is OM Rally Sustainable? Here’s the Catch

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Mantra Price Pumps and Hits New ATH, But is OM Rally Sustainable? Here’s the Catch

Petar Jovanović

July 16, 2024

Mantra’s OM continues to be one of the best performing altcoins on the market right now. With another 20% pump today, the coin is again among top crypto gainers.

What’s even bigger news for OM holders is the fact that this coin pumped over 75% this month.

Mantra’s Active Community Engagement

What’s also positive about Mantra is that their social accounts are very active and they are constantly engaging with their community. Take Twitter for example, where they are posting updates almost on a daily basis.

Just last night they announced season 2 of their 50 million OM GenDrop, set to happen tomorrow.

However, it’s important to note that the OM price is trading around $1.3 at press time, which is the ATH area.

As we’ve mentioned multiple times on our news site, we are not fans of analyzing and investing in coins that are at ATH.

The reason is very simple – many investors, especially early ones, are now in profit. At some point, profit-taking will likely take place, and you could end up losing a part of your investment.

Read also: Largest Ripple Holder Explains Why XRP Price Will ‘Explode’

Mantra (OM) Price: Technicals and Market Outlook

From the technical standpoint, RSI on a daily chart is almost 80. This is an overbought area, so a correction does seem likely.

However, with crypto, you’re never 100% sure, and the OM pump might be far from over.

Market cap now sits at over $1 billion, which makes OM a big coin, but not super big. It still has room for growth from here, especially if the “real” bull run returns.

For those unfamiliar, Mantra is a layer 1 RWA project. It’s designed mostly for institutions and developers. MANTRA provides a permissionless blockchain for permissioned applications.

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