- MANTRA is up by close to 20x since March 2024
- Altcoin’s latest breakout could push it to $6.5, before shifting to a consolidation phase
Real-world asset tokenization platform (RWA) MANTRA [OM] has secured a deal with Dubai developer DAMAC to tokenize assets in the Middle East. The deal is reportedly worth at least $1 billion and went through in the first week of January.
However, a price hike did not immediately follow the deal’s announcement. On the contrary, fast forward three weeks and soon, OM did hit a new all-time high. It climbed to an ATH of $5.96, before receding by 11% over the last few hours.
Consolidation, breakout, retest, and on to new highs
Source: OM/USDT on TradingView
With a $5 billion market cap, the token is classed as a relatively large-cap token. The rise of MANTRA in recent months has been explosive and sustained. In fact, since March 2024, OM is up by close to 20x. It has outperformed a vast majority of the market, maintaining its uptrend over the past year.
This performance has been commendable, especially since the altcoin was highly volatile last March, as well as over the past month. The last few weeks saw a range formation between $3.5 and $4.33. The breakout beyond the highs on 26 January was followed by a retest and a sustained rally.
The Fibonacci extension levels showed that the next targets are $6.56 and $7.82. Following the breakout, the A/D indicator crept higher to show increased buying volume. The MACD also noted strong bullish momentum on the daily chart.
Source: Coinglass
Alongside the price, the Open Interest has steadily increased too, especially since November. The OI went from $46 million in mid-November to $434 million on 31 January. The consolidation phase in recent weeks was accompanied by a pullback in OI.
Read MANTRA’s [OM] Price Prediction 2025-26
The OI expansion highlighted strong speculative interest. It is likely to recede in case OM struggles to maintain its current upward momentum. The OI trends, especially on the lower timeframes, can be a useful tool to understand market sentiment and bullish conviction.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
