Mantra Surges Over 50% Reaching an All-Time High Amid DAMAC Partnership
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- Mantra (OM) currently trades at $5.47 after hitting a high of $5.87.
- Market cap surged to $5.27 billion, with trading volume up 176.75%.
Real-world asset (RWA) tokenization platform MANTRA (OM) has spiked over 50% in the past seven days, hitting a new all-time high of $5.87 on January 31. This price surge follows MANTRA’s strategic partnership with Dubai’s luxurious real estate firm DAMAC Group.
The token is currently trading at $5.47, with a 14.99% increase in market cap at $5.27 billion. Trading volume surged by 176.75%, reaching $503.91 million, indicating heightened market activity. The Market Cap ratio stands at 9.35%.
DAMAC Group plans to tokenize its assets on the MANTRA Chain this year, offering greater transparency, security, and accessibility to investors. “This partnership with DAMAC Group is an endorsement for the RWA industry,” said JP Mullin, co-founder and CEO of MANTRA.
Bullish Indicators for MANTRA
The trading chart shows critical support around $4.63 and a resistance level at $5.87. If the price breaks above the resistance, it may test $6.50. Conversely, dropping below support could lead the price toward $4.50. The bullish sentiment is backed by a golden cross, where the 9-period moving average crossed above the 21-period moving average, suggesting a sustained upward trend.
Technical indicators reveal further bullish signals. The Relative Strength Index (RSI) stands at 69.14, indicating that OM is nearing overbought conditions. The RSI average is 65.91, showing momentum still favors buyers. Traders should monitor this for potential pullbacks if RSI crosses 70.
The Moving Average Cross (9, 21) levels at $5.32 and $4.89 respectively support the positive trend. This crossover typically signals that buyers are gaining control of the market. Furthermore, the Chaikin Money Flow (CMF) indicator suggests positive capital inflows, reinforcing the bullish narrative.
Additionally, the moving averages have created clear support and resistance bands. The 9-period moving average is acting as immediate dynamic support at $5.32, suggesting that buyers are aggressively defending this level.
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