Categories: Market updates

on the cusp of a bearish breakout


The price of Mantra (OM) has suffered a harsh reversal this week, joining other altcoins like Ethereum, Solana, and Cardano.

OM slumped to a low of $0.8160 on Friday, down by over 25% from its highest point this week.

Added to a new RWA fund

Mantra’s OM token plunged even after some good ecosystem news. In a statement, the developers said the token had just been added to Swissborg’s Real World Asset (RWA) thematic basket.

The basket includes other tokens in the RWA industry, such as Synthetix Network, VeChain, Chainlink, Maker, and Polymesh Network. 

This is notable because Swissborg is one of the biggest players in the crypto industry, with almost 800,000 users and over $1.26 billion in assets. Its token has a market cap of over $187 million in assets.

https://twitter.com/MANTRA_Chain/status/1801573797969203407?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

Meanwhile, Mantra’s assets have jumped sharply in the past few weeks. It now has over $46.3 million in assets, higher than the $7 million it started the year at. It also recently expanded to the UAE.

Mantra TVL

With a market cap of over $650 million, Mantra is one of the biggest players in the tokenization industry. Its platform enables the seamless fractionalization and tokenization of real-world assets (RWA), an industry expected to grow to over $10 trillion in the next few years.

Mantra price forecast

Mantra’s OM token peaked at $1.0960 earlier this month and has now crashed by over 25% as the altcoin sell-off intensified. It has dropped below the important support level at $1, its highest swing on June 5.

The token has also moved below the 50-day and 100-day moving averages, a sign that bears are taking control. It was trading at $0.8095 but has failed to move below that level since June 3. This level is also important because it was the highest swing in April and May.

Therefore, a drop below that level will point to more downside since it will signify that bears have prevailed. If this happens, it could drop to $0.7620.



Source link

CryptoCanada

Share
Published by
CryptoCanada

Recent Posts

Current Altcoin Bear Cycle is the Longest Ever – What’s Next?

While Bitcoin has reached new all-time highs, altcoins haven’t even started their bullish cycle. In…

22 hours ago

Market Expert Says Ripple Vs. SEC Lawsuit Is In Final Chapter, Here’s Why

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Market expert…

22 hours ago

Morpho and Gelato launch simple loans using crypto as collateral

Users across several blockchains can now take non-custodial, crypto-backed loans in just days, the two…

22 hours ago

Why Utility Will Decide Bitcoin’s Next Bull Run

Bitcoin’s price has been anything but steady over the years. Hype, speculation, and investor sentiment…

23 hours ago

XRP Price Completes Bearish Retest As Macro Signals Point To $2.65

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst…

3 days ago

Bitcoin Taker Sell Volume Surges On Price Breakdown – Market Shows Signs Of Oversold Bounce

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Bitcoin is…

3 days ago