Mantra (OM) has surged more than 8% in the last 24 hours, amidst turbulent conditions across the broader cryptocurrency market.
**Upward Momentum for Mantra**
The Relative Strength Index (RSI) shows a rise in prices within the neutral zone, indicating potential growth without being excessively bought. Furthermore, the Moving Average Convergence Divergence (MACD) confirms bullish sentiment with its signal line surpassing the MACD line.
Market sentiment around Mantra remains optimistic, highlighted by a notable 7.9% increase in trading volume over the past day, totaling over $50 million in OM tokens traded. This surge underscores growing investor confidence in the project’s future prospects.
**Technical Insights on OM**
Technical indicators signal further price gains for OM in the short term. Predictions for 2024 set a target price of approximately $1.24, with optimistic scenarios suggesting highs reaching up to $1.45.
Mantra currently boasts a market capitalization of $703.4 million, supported by a circulating supply of 831.3 OM tokens. These figures underscore the solid foundation that Mantra holds for sustained growth in the cryptocurrency market.
As of the latest update, MANTRA (OM) is trading at $0.8575, marking a significant 22% increase over the past fortnight, according to CoinGecko data.
**Related Developments:**
**Bitcoin and Market Dynamics**
Despite market fluctuations, the Multiverse remains resilient. MultiversX (EGLD), the native token of the Elrond blockchain, has risen by 3.5% to $33.5 over the past 24 hours. The token maintains a market capitalization of $921.68 million and a robust daily trading volume exceeding $45 million.
Moving averages continue to indicate a bullish trend, with both the 50-day and 200-day moving averages surpassing the current price. However, the Relative Strength Index (RSI) suggests potential for short-term consolidation or correction, as it is currently overbought.
In recent developments, the German government’s sale of Bitcoin (BTC) and other assets has impacted market dynamics. Approximately 1,500 BTC were transferred to exchanges like Coinbase, Bitstamp, and Kraken on June 19, following the liquidation of over 50,000 BTC confiscated from the Movie2k platform. Over the past month, the government has sold more than 3,000 BTC, amounting to about $172 million, in various transactions. Despite holding 46,356 BTC, valued at approximately $2.6 billion at current rates, recent reports indicate a pause in further Bitcoin sales by the German authorities.
As of the latest update, the Bitcoin (BTC) price stands around $57,754, reflecting a 5.2% decline this week.
For further details:
– Sleeping Bitcoin whale wakes up with $6.9m transfer