Prediction of Mantra OM prices nearing a downward trend breakout
Mantra (OM) faced a significant decline in price this week, following the trend of other altcoins like Ethereum, Solana, and Cardano.
OM plummeted to a low of $0.8160 on Friday, marking a drop of more than 25% from its recent peak.
Despite some positive news within its ecosystem, Mantra’s OM token experienced a sharp decline. The developers announced that the token had been included in Swissborg’s Real World Asset (RWA) thematic basket.
This basket comprises various tokens from the RWA sector, including Synthetix Network, VeChain, Chainlink, Maker, and Polymesh Network. Swissborg, a major player in the cryptocurrency industry, boasts nearly 800,000 users and holds assets exceeding $1.26 billion, with its token having a market cap surpassing $187 million.
In contrast, Mantra’s assets have surged in recent weeks, reaching over $46.3 million, a significant increase from the $7 million it began the year with. Additionally, the platform has expanded its operations to the UAE.
With a market cap exceeding $650 million, Mantra stands out as a key player in the tokenization sphere. Its platform facilitates the fractionalization and tokenization of real-world assets (RWA), a sector projected to reach over $10 trillion in the coming years.
Mantra’s OM token achieved an all-time high of $1.0960 earlier this month but has since plunged by more than 25% amidst a broader sell-off of altcoins. It has fallen below the crucial support level at $1, which was its peak on June 5.
Furthermore, the token has dipped below both the 50-day and 100-day moving averages, indicating a bearish trend. Despite trading at $0.8095, it has struggled to break below this level since June 3, which was a significant high point in April and May. A breach below this level could signal further downside, potentially leading to a drop to $0.7620.
In related news, TAI price analysis is gaining attention as the TARS Protocol launches a Solana AI fund.
