MANTRA (OM) Bounces Off 100-Day EMA, Aims To Preserve $1 Mark

• 1 OM price traded in a closed range and witnessed a pullback in yesterday’s session.
• 2 A spike of over 14% was noted in the token price in the intraday session.

MANTRA, the Ethereum-based Layer 1 blockchain, and the first Real World Asset (RWA) category participant, has been the favorite investment spot among investors since 2024.

OM, the native token of MANTRA, has risen by 25% and rebounded from its 100-day EMA mark this week. However, the coin was traded in consolidation for the past five months and remained sideways.

The struggle between the buyers and sellers was noted, and the coin decisively held the gains above the key moving averages. Per the price action, it will likely spread its bullish leg toward the $1 mark, the range hurdle.

Once the OM token crosses the $1 mark, a sharp breakout rally with the potential to reach $1.70, followed by the $2 mark, can be anticipated.

MANTRA Announced a Collaboration With MAG

This week, MANTRA announced a partnership with MAG Group Holdings, a UAE real estate giant.

MANTRA unveiled this deal, explaining that it would assist in the tokenization of $500 Million worth of real estate for the conglomerate based in Dubai.

MANTRA Looks Bullish: Price Action Outlook

The price chart portrayed a strong asset with robust fundamentals, eager for a breakout. The token has held its gains in the closed region for the past five months and anticipated a bounce.

At press time, the MANTRA was trading at $0.845 with an intraday surge of 14.02%, reflecting buying momentum on the chart. It has a monthly return ratio of -8.30% and 3509.20% yearly, reflecting short-term consolidation.

The pair of OM/BTC is at 0.0000149 BTC, and the market cap is $761.93 Million. Analysts are bullish and suggest that the OM price may register a range breakout and would cross the $1 mark soon.

The price action signified the buyer accumulation, and the token is readying for a potential surge ahead.

OM Price Chart Source: TradingView

Currently, the token price exceeds the 20-day EMA mark and is ready to sprint ahead with the gains. For the past weeks, the 100-day EMA mark has acted as a firm floor for a bullish bounce, and the token continues to take support front that level.

When writing, the RSI curve stood above the midline region and revealed a positive crossover, confirming the uptrend ahead. Similarly, the MACD indicator reflected consistent green bars on the histogram, revealing the long-term bullish stance.

@Dean James, in his X post, said that OM token sustained the gains amidst the market crash.

Source: X

What Does Futures Open Interest Data Suggest?

Open Interest Data Source: Coinglass

Amidst the price rise of over 14%, the buyers have maintained their strength, while the sellers looked in fear and have covered their positions.

The open interest value dropped over 3% to $31.90 Million, justifying the short covering data in the past 24 hours. The immediate support levels for the OM token are $0.820 and $0.800, whereas the key upside hurdle is around $0.930, followed by $1

Is Breakout On The Horizon?

The MANTRA token price climbed above the 20-day EMA mark and is trying to strike the range upper neckline of the $1 mark. Once the token smashes the zone, a massive breakout rally can be seen ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.