- OM crypto price is struggling to cross above the $0.9086 supply level.
- The technical indicators summary suggests a neutral perspective on the price in the current phase.
- Mantra crypto trading volume has risen 38.55% in the last 24 hours.
Mantra (OM) is a permissionless and security-first RWA Layer-1 blockchain. Built for institutions and Developers, the blockchain can adhere to and enforce the world’s regulatory requirements. Mantra has critical features such as IBC compatibility, CosmWasm support, Built-in Modules, SDKs and APIs, RWAs, etc. The blockchain is secured through a sovereign proof of stake (PoS) validator set and can scale up to 10k transactions per second (TPS).
Mantra Apr 2024: Supply changes, Holdings, & Valuation
The cryptocurrency has created over 888 million OM tokens, the total supply. The project has yet to report any information about the maximum number of tokens that can be made. 793.99 million tokens are circulating with a current market capitalization of $563.59 million.
Mantra crypto is showing dominance under the top 130 most influential cryptocurrencies globally. The total diluted valuation of OM tokens is assumed to be at $630.12 million. Regarding trading volume, the crypto ranks 133rd out of all the 9,837 active cryptocurrencies. It reflects higher liquidity with a VMR ratio of 7.81%.
There are 9,904 active wallets holding the OM tokens. Of these, the top 3 holders collectively own 26.03% of the circulation supply, which hardly stands at 231.38 million tokens. Binance 8 and Polygon (Matic): ERC 20 Bridge wallets come under the top 3 holders. Crypto whales own 86.14% of tokens from the total supply.
Price to Volume and Social Dominance Analysis
A positive rise in social tweets about the OM crypto was observed in early February 2024. The social buzz covered over 0.40% dominance across social media platforms. That reflected a positive impact on price and volume. The price has been experiencing a constant rise since then, and the volume is in correlation with social tweets. In recent sessions, the social dominance and volume have slowly risen, which can impact crypto prices positively.
Technical Analysis of the Mantra (OM/USD)
The long-term outlook lies above the critical exponential moving averages on the bullish side. However, the distance between the 50-day and the 200-day EMAs indicates a shortfall in the current crypto price.
OM price has given a breakout of the $0.9480 resistance level. Subsequently, the price made a bullish correction and moved to the $0.5994 demand zone. At present, the price is facing resistance from the $0.8231 level. Suppose the price crosses above the $0.9086 level; an upsurge to the $1.1509 mark can be seen. A bearish fall in OM price is expected below the $0.5448 support level.
The relative strength index (RSI) shows dull momentum in the current trading phase. This reflects a neutral perspective on the price regarding momentum and strength. The RSI line is moving at 48.90 below the SMA line.
Summary
Since March 14, 2024, the Mantra crypto price has shown impulsive bullish moves. The cryptocurrency has reflected over 3200% in the six-month session. The price is facing resistance from the $0.8231 level at press time. Suppose the price crosses above the $0.9086 level; an upsurge to the $1.1509 mark can be seen. A bearish fall in OM price is expected below the $0.5448 support level.
Technical Levels
- Resistance Levels: $0.9086 and $1.1509
- Support Levels: $0.5448 and $0.3783
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.