Mantra forms bearish divergence ahead of mainnet launch
Release: 2024/09/26 22:14 Reading: 644
Mantra's Rise in Crypto
Mantra, the renowned blockchain network for real-world asset tokenization, has experienced a three-week surge, recovering from losses in July and August. Mantra (OM) reached a high of $1.24, its peak since July 29, just 13% below its all-time high of $1.4145. Notably, it has been among the top-performing cryptocurrencies, having soared over 4,000% from its low in January.
Factors Driving Mantra's Rally
Mantra's rally is primarily driven by the increasing demand for real-world asset tokenization, considered a promising trend in the crypto industry. Examples include Ondo Finance (ONDO), a leading player with over $600 million in assets, and Blackrock's BUIDL fund, which has attracted over $500 million.
Staking Yield and Upcoming Launch
Mantra's strong staking yield of 22.2% has also contributed to its surge, surpassing that of prominent cryptocurrencies like Solana (SOL) and Ethereum (ETH).
Moreover, the upcoming launch of the Wallet mainnet has acted as a catalyst for Mantra's recent gains. This significant development aims to establish the network as the preferred record-keeping system for real-world assets.
Technical Analysis
On the weekly chart, Mantra recently retested the crucial support level at $0.8828, aligning with its peak in 2021. This "break and retest" is a recognized continuation signal. Mantra has remained above the 50-week moving average, indicating a bullish sentiment.
However, a bearish divergence pattern has emerged in both the Percentage Price Oscillator and the Relative Strength Index. As such, Mantra is anticipated to retrace to its all-time high of $1.4145 before continuing its downtrend. Further gains may be confirmed if it surpasses this resistance, invalidating the double-top pattern.
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