Date: Thu, Oct 24, 2024, 07:44 AM GMT
In the cryptocurrency market, Mantra (OM), one of the leading Real World Assets (RWA) tokens, has experienced a dip of 9% in the past seven days. Currently trading at $1.40, this comes after an impressive rally. Since September 1st, Mantra (OM) steadily climbed from $0.88 to reach a new all-time high of $1.62 on October 14, marking an 88% surge. Despite the recent pullback, OM still shows a 20% gain over the last 30 days.
Why Did Mantra (OM) Dip?
The dip in Mantra (OM) seems to be a classic case of “buy the rumor, sell the news.” In September, the Mantra team announced the launch of their highly anticipated mainnet set for October. This sparked excitement among traders, leading to a price rally as people bought in anticipation of the event. However, after OM hit $1.60, some traders likely decided to exit, taking profits before or around the mainnet launch. As the launch approached, this selling pressure contributed to the recent price drop.
Mantra Finally Launches Its Mainnet
On October 23, MANTRA successfully launched its mainnet, marking a major milestone for the platform. The pivot to Real World Assets is a big step forward, aiming to bring real-world assets on-chain and integrate traditional finance with blockchain technology. With the mainnet live, Mantra’s native token, $OM, will be used to fuel the platform’s ecosystem.
What’s Next for OM?
Currently, OM is hovering at $1.38, which falls within a key support zone between $1.36 and $1.41. If OM manages to break above this level, the next target could be its previous all-time high resistance at $1.62, which is still a potential 17% gain from the current price.
Investors will be watching closely to see how the mainnet development unfolds and whether it can push OM back to its previous highs.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.