Rally

Momentum

Sherpa

Flash

TL;DR
<ul>
 <li>Mantra (OM) surged over 60% in the past 30 days, hitting an all-time high of $1.50 with analysts predicting a further jump.</li>
 <li>On-chain metrics suggest continued gains, but the RSI indicates it may be overbought, signaling a possible correction.</li>
</ul>
<a href="https://cryptopotato.com/wp-content/uploads/2024/10/OM_CB-3.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
<h2 id="new-peak-for-om">New Peak for OM</h2>
Most of the leading cryptocurrencies have experienced severe ups and downs over the past several weeks. Bitcoin (BTC), for instance, fell to $60,000 at the beginning of October and later rebounded to its current $63,000 (per CoinGecko’s data).
There are a few digital assets, though, whose prices have gone predominantly up as of late. One evident example is Mantra (OM), which has jumped by over 60% monthly. Earlier today (October 7), it hit a new all-time high of almost $1.50, whereas its market capitalization surpassed $1.2 billion. 
<figure id="attachment_364746" aria-describedby="caption-attachment-364746" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/OM-Price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-364746" src="https://cryptopotato.com/wp-content/uploads/2024/10/OM-Price.png" alt="OM Price" width="575" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/OM-Price.png 835w, https://cryptopotato.com/wp-content/uploads/2024/10/OM-Price-300x209.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/OM-Price-768x534.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/OM-Price-50x35.png 50w" sizes="(max-width: 575px) 100vw, 575px"></a>
 <figcaption id="caption-attachment-364746" class="wp-caption-text">
 OM Price, Source: CoinGecko
 </figcaption>
</figure>
The token’s achievement caught the eye of multiple industry participants. The popular X user IBCIG <a class="editor-rtfLink" href="https://x.com/ibcig/status/1843107970768630028" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">claimed</a> OM’s momentum is “truly unstoppable,” expecting a further rally to $2. 
<blockquote>
 “With its purpose-driven tokenomics and a robust Layer 1 foundation, it is by far among the best RWA projects in my portfolio,” they added.
</blockquote>
Daan Crypto Trades and Token Sherpa chipped in, too. The former <a class="editor-rtfLink" href="https://x.com/DaanCrypto/status/1843201093381337453" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a> OM performed “incredibly strong during all the chaos in the past few weeks/months,” while the latter <a class="editor-rtfLink" href="https://x.com/sherpa_eth/status/1843098135154810967" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">thinks</a> the new peak is just the beginning of a major bull run.&nbsp;
<h2 id="span-data-preserver-spaces-true-on-chain-metrics-flash-the-buy-signal-span">On-Chain Metrics Flash the Buy Signal</h2>
Over a dozen important metrics suggest that OM’s bull run is nowhere near its end. One of those is the Momentum Indicator (MOM), which measures the asset’s rate of change and compares the current valuation with the price from previous periods. As of the moment, it is <a class="editor-rtfLink" href="https://www.tradingview.com/symbols/OMUSD/technicals/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">set</a> at around 0.2, presenting a potential buying opportunity.
The Simple Moving Average (on a 10-day scale), the Exponential Moving Average (on a monthly basis), and the Hull Moving Average also indicate possible gains in the near future.&nbsp;
One of the very few metrics hinting at a potential correction is the Relative Strength Index (RSI). The momentum oscillator has surpassed a ratio of 75, entering overbought territory. This suggests that OM might be overvalued, and a pullback could occur.&nbsp;
The post <a href="https://cryptopotato.com/mantra-om-price-hits-a-new-ath-further-rally-in-the-cards/" rel="noopener noreferrer nofollow">Mantra (OM) Price Hits a New ATH: Further Rally in the Cards?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Mantra (OM) Price Hits a New ATH: Further Rally in the Cards?

Table of Contents

CryptoPotato_News

Other articles published on Oct 7, 2024

Ethereum Price Surge To 5,000 dollars: When Will It Get There?

Bybit Expands Ecosystem Token Pools with SUI on Launchpool

Bitcoin: Monitor The Key Figures Of This Week!

Nigeria ditches US dollar, will now sell crude oil in naira

Ethereum’s EIP 7781: A Game-Changer to Narrow Down Solana’s Lead?

Dare to Dream Big: Qubetics Takes the Crown as the Best Crypto Presale as Arbitrum and Optimism S...

Join our free newsletter for daily crypto updates!