Why is MANTRA (OM) Price Up By 40%?

Mantra (OM), the native token of the MANTRA blockchain, has experienced a remarkable 40% price increase in the past 24 hours. The token is currently trading at $0.8402, with a 24-hour low and high of $0.5867 and $0.8681, respectively. This impressive performance has propelled OM to the 122nd spot among cryptocurrencies by market capitalization, which now stands at $658.5 million.

Bybit Launches Mantra USDT-M Perpetual Contract

One of the key developments driving Mantra’s recent price surge is the launch of the Mantra USDT-M perpetual contract by Bybit, a leading cryptocurrency derivatives exchange.

The introduction of this new trading product has significantly increased the token’s exposure and liquidity, attracting more investors and traders to the MANTRA ecosystem.

Hongbai Testnet: A Milestone Towards Becoming the First RWA Layer-1 on Cosmos

MANTRA is gearing up for the launch of its latest testnet, known as Hongbai. This testnet represents a significant step towards MANTRA’s goal of becoming the first Real World Asset (RWA) Layer-1 blockchain on the Cosmos network. Hongbai is a synergistic blend of Hong Kong and Dubai influences, reflecting MANTRA’s strategic approach to RWA tokenization.

As part of its mission to popularize RWA tokenization, MANTRA has announced its application for key financial licenses in Hong Kong and the United Arab Emirates (UAE). These licenses will enable MANTRA to operate in these crypto-friendly regions and make it easier for businesses to explore the benefits of asset tokenization. By securing these licenses, MANTRA aims to establish itself as a leading player in the RWA tokenization space.

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Technical Analysis: Bullish Breakout and Impressive Gains

Alan Santana, a technical analyst, claims that Mantra’s price action has perfectly formed a falling wedge pattern and then experienced a strong and clear bullish breakout. The highest trading volume since April and a strong RSI support the breakout, which started yesterday and is still going today. Santana believes that this breakout marks the beginning of a major new uptrend, with the potential for additional growth in the days, weeks, and months ahead.

Trader JAVON MARKS notes that Mantra has already achieved an impressive 1,224% gain since the original analysis, breaking above the $0.54734214 target. With prices holding above this level, the current target now sits at $1.07703, representing an additional 81% upside potential.

As Mantra continues to make strides in the RWA tokenization space and attract investor attention, the token’s impressive price performance and strong technical indicators suggest that further growth may be on the horizon. However, as with any cryptocurrency investment, it is essential to conduct thorough research and exercise caution in the face of market volatility.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency