The crypto market began the week on a positive note yesterday. However, the surge seems to have cooled down. Amidst this market condition, Mantra (OM) is rising in a modest way.
Let us find out what has triggered the price surge for OM token. As of the latest data, Mantra’s OM token is trading at $0.8231. OM increased 6.69% from $0.7642 and hit $0.8385 during the 24 hours. OM is also up 14.4% in the last seven days.
What you'll learn 👉
OM Long-term Growth and Market Position
Analyst JChains points out that OM has demonstrated impressive 3,189% growth over the past year.
JChains identifies strong support for OM around $0.60 and resistance at $1.00, suggesting that the token may be in an accumulation phase. This pattern often precedes major price movements and could indicate growing investor confidence.
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Analyst Nology3000 provides a more detailed technical perspective, suggesting that OM may have completed a Wave 1 and is moving into a Wave 2 correction.
This Elliott Wave analysis is common among altcoins, but OM appears to be later in its retracement compared to many others. Nology3000 notes that sustained action above $0.87 would invalidate this scenario.
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Show more +Fundamental Catalyst: Expansion to Base Chain
The price surge can be attributed to a major announcement from MANTRA regarding its expansion to Base Chain. Key details of this development include:
- Launch of an OM Liquidity Pool on Base Chain following DAO core proposal approval.
- Creation of the first OM Uniswap LP on Base Chain with deep liquidity, enabling seamless swaps with minimal slippage.
- Introduction of OM bridging capabilities with BASE, allowing users to participate in the MANTRA ecosystem on the new chain.
- Strategic positioning for early access to future MANTRA products launched on Base Chain.
By establishing a presence within the Base Chain ecosystem, MANTRA is laying the groundwork for the seamless integration of future financial products.
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