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$OM Big move soon Expecting a breakout next week Some partners investing huge in @MANTRA_Chain
10:54 PM · Aug 30, 2024
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Despite a general crypto market decline that has seen the global crypto market cap drop by about 1% to $2.03 trillion, Mantra (OM), Bitcoin SV (BSV), and AAVE have registered impressive gains, driven by recent developments.
OM, and BSV among other altcoins like ORDI, and WIF are rising even as the likes of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) witness significant price drops. AAVE on the other hand is experiencing increased market volatility.
At press time, BTC had dropped by 6.82% to $57,888, ETH had dropped by 5.61% to $2,456, and SOL had dropped by 15.77% to $130.83.
Mantra surge buoyed by MAG Group, RWA Inc. deal
Earlier today, Mantra (OM) token price saw a 12.19% increase to around $0.9957 before slightly pulling back to $0.9682 at press time, where it was still 5.21% up over the past 24 hours. The token has appreciated by 4982% over the past twelve stages.
Source: TradingView
Following today’s price surge, analysts are projecting a potential rally of 45-50% soon, fueled by several factors.
The main factor fueling the price surge is the strategic partnership with MAG Group and RWA Inc. to tokenize $500 million in real estate assets is enhancing OM’s appeal. This partnership, alongside $11 million in new funding, supports scalable RWA tokenization solutions and expansion into key markets like Hong Kong and the UAE.
Looking at OM’s technical analysis, the token is consolidating above an ascending trendline and is poised to break through a crucial resistance zone between $1.00 and $1.20.
Bitcoin SV (BSV) bounces back with Teranode breakthrough
After a scaring bear trend towards the end of August that pushed its price below $40, Bitcoin SV (BSV) has bounced back, reaching a high of $45.20 today before slightly pulling back to $43.75 at press time.
Source: TradingView
The main development fueling BSV’s resurgence is Bitcoin SV’s Teranode recent breakthrough. The Teranode, which is the core processing technology of Bitcoin SV, recently surpassed 3 million transactions per second in tests, thanks to the integration of Aerospike’s NoSQL architecture.
Current BSV’s performance, suggests that the price surge could continue if the Teranode’s advantages are fully realized. However, if BSV’s price drops below $43, the current bullish outlook might be invalidated.
AAVE pumps and dumps
AAVE surged to a high of $135.13 earlier today before sharply dropping to $123.98 at press time.
Source: TradingView
While the surge above $133 signaled a possibility of retesting $150, the hopes have been dashed by the sudden dump. Analysts believe a re-entry into the accumulation zone below $118 will result in to further drop possibly to $116.
However, the 14-day RSI indicator, which has also dropped to 33.96, signals a possible overbought condition that could result in a resurgence although there is still room for further downward movement.
Despite a broader decline in the crypto market, Mantra (OM) is surging courtesy of a strategic partnership and substantial funding, Bitcoin SV (BSV) has rebounded with its Teranode breakthrough, and AAVE is showing heightened volatility with potential for further movement.
While major cryptocurrencies face challenges, these altcoins demonstrate resilience and opportunity, highlighting the diverse dynamics within the crypto space.
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