MANTRA (OM) Token Analysis: Despite a 4% Pullback, the Trend Is Bullish and the Target Is Set at $2

MANTRA, the second largest Real-World Asset (RWA) in market cap, witnessed a notable pullback of over 4% in yesterday's session.

MANTRA (OM), a renowned RWA token, encountered a slight pullback on Friday, following an impressive rally. After breaking out of a three-month consolidation phase, the token experienced a sharp bullish momentum.

This price movement led to an upward surge, with OM making a new all-time high (ATH) of $1.42. However, the token faced significant profit booking from these highs.

At press time, MANTRA was trading at $1.22 with an intraday surge of 3.86%. Its trading volume rose over 17% from the previous day. In the past week, the token has noted a gain of over 10%.

A glance at the price chart reveals a sustained uptrend, with the token comfortably holding gains above the 61.8% Fib cluster. Amidst the market’s mixed cues, the OM token appears bullish.

Despite the recent volatility, the token remained above the key moving averages, making it a strong contender for further accumulation. Once it crosses its previous ATH mark, it can head toward the $2 mark in the short term.

The momentum indicator, the RSI curve, is in the overbought zone, with a negative crossover. This indicates that a confirmed reversal is yet to be seen, and buyers are still in a fix.

The short term is still favoring the buy on dips. The rebound from the 20-day EMA has given a strong conviction that buyers have bought the dip and are eyeing a significant rally ahead.

Social Dominance and Weighted Sentiment Data Overview

The dominance curve saw a spike of over 6% on the social front and jumped to 0.17%.

Conversely, the weighted sentiment value was still below the zero line, noted at -0.615, indicating a negative stance.

An analysis by @CryptoSavingExp, in his tweet, mentioned that MANTRA has reached new highs in July. It has escaped the consolidation phase, setting a target of $2 to catch in the short term.

Until the token slipped below the $1.10 mark, the uptrend was intact. Further bullish swings could be seen ahead.

According to IntoTheBlock, the Global In/Out of the Money indicator suggests that 92% of OM addresses are making profits at the current price level.

In contrast, only 8% of the holders lost their money and faced unrealized losses. This significant data implies that many profitable holders are protecting the token from any unwanted selloff. It could continue to accumulate ahead. It shows the bulls’ confidence to hold on to their gains and guide their bullish sentiments.

Notably, its Open Interest has increased over 10.11% to $26.16 Million. This signified fresh long buildup activity in the last 24 hours.

If the token slips below the 20-day EMA mark, it may take support around $1.15 and $1.00. Conversely, if it extends the pullback, it may face the cluster of $1.32 followed by $1.40 ahead.

Nevertheless, the token’s trend is positive, and it could revisit the blue sky zone of $1.40 and $1.50 soon.