Mantra (OM) Hits $7.96 ATH, Up 98% in 30 Days
Key Takeaways
Mantra (OM) has recorded a 98% price increase over the past 30 days, reaching a new all-time high (ATH) of $7.96. The strong upward trend is also reflected in trading activity, with a 35% rise in trading volume to $1.4 billion. The increasing demand and growing open interest suggest that the rally might not be over yet.
Why Is Mantra’s Price Rising?
A key factor behind OM’s surge is high demand. According to data from Coinglass, open interest for Mantra futures has reached a new all-time high of $640.6 million. Rising open interest alongside increasing prices indicates that more capital is flowing into the market and traders expect the trend to continue.
Additionally, technical analysis shows strong market sentiment. The Relative Strength Index (RSI) stands at 76, indicating that buyers are dominating the market. A high RSI value often signals sustained demand, which could support further price increases.
Can OM Sustain Its Gains?
The current market dynamics support a continuation of the upward trend. Data from MobChart shows a positive order imbalance, meaning there are more buy orders than sell orders. This reinforces the bullish trend.
Another positive signal is the growth in active addresses. According to Santiment, the number of active users has increased to 8,900 over the past week. Rising user activity often indicates sustained demand, which could further support the price.
If the trend continues, OM could retest its previous ATH of $7.96 and potentially surpass the $8 mark. However, if a correction occurs, the price could drop to $6.20.
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Our Assessment
Mantra is currently showing strong price performance with positive fundamentals and technical support. The rising demand, growing open interest, and high market activity suggest that the upward trend could continue. However, investors should keep an eye on potential corrections. Those investing in OM should closely monitor market developments and apply risk management strategies.
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