Mantra (OM) Surges 15% Amid Market Correction
Mantra (OM) has been one of the standout performers in the crypto market over the past week. While major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) experienced a significant correction, OM managed to surge by almost 15% during this period.
- OM outperformed BTC, ETH, XRP, Solana (SOL), and others
- Analysts suggest OM could reach new highs with strong indicators
The Rising Star: Mantra (OM)
Mantra (OM), the second-largest real-world asset (RWA) by market capitalization, has been shining brightly in the crypto space lately. Its price has seen a remarkable increase of almost 15% in the past week, surpassing the performance of other major cryptocurrencies that struggled during the recent market correction.
Some analysts believe that the upward momentum for OM is not over yet. There is potential for OM to see further gains in the near future, with one notable prediction suggesting the possibility of reaching a new all-time high of $1.20 if it manages to break the key resistance level of $1.05. Additionally, a support zone was identified in the $0.55-$0.60 range.
Various metrics support the bullish outlook for OM. The Relative Strength Index (RSI), which measures the speed and change of price movements, currently stands around 60. Additionally, the Moving Average Convergence Divergence (MACD) indicator is positioned in the “buy” area, signaling potential bullish momentum.
Crypto Market Recovery Post-Crash
While OM has been on an upward trajectory, not all cryptocurrencies have fared as well following the recent market crash. Bitcoin (BTC) and Ethereum (ETH) experienced significant dips, with BTC dropping below $54,000 and ETH slipping under $2,900 on July 5. However, both assets have since bounced back, with BTC priced around $55,600 and ETH around $3,100.
Ripple’s XRP faced even steeper losses, hitting a one-year low of $0.39. Despite this, XRP has managed to recover some of its losses, climbing back above $0.43, although still showing a 10% decline on a weekly basis.
Hot Take: Crypto Outlook
The crypto market continues to show resilience amid volatile conditions, with OM standing out as a top performer. As momentum builds for OM and other assets recover from recent setbacks, investors are keeping a close eye on key indicators and price levels to gauge the market’s future direction.
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