17 November 2024
Analysts are confident that Mantra’s price could move upward as key indicators show a potential hike.
The cryptocurrency has become one of the top performers in the altcoin market as daily active addresses surged by 570% and hit an all-time high.
Active Addresses Soar
Analysts pointed out that there is a growing excitement among Mantra holders as they are anticipating a possible airdrop in the upcoming days. Cosmos Airdrops made the announcement as the coin recorded a new all-time high and experienced a surge in its daily active addresses.
Data showed that the cryptocurrency’s daily active addresses skyrocketed by 573% in the last three days, indicating that the digital asset has an increasing appeal to its holders resulting in higher trading activity.
$OM hits ATH again!
It’s one of the strongest players in the RWA section and a true point of pride for the Cosmos ecosystem
Plus, an airdrop is coming in the next days!
Exciting growth! pic.twitter.com/YBFxnj6uQB
— Cosmos Airdrops
(@Cosmos_Airdrops) November 14, 2024
As of writing, OM is being traded at $3.35 per coin – a new all-time high – with a 24-hour trading volume of more than $674 million. In the last week, Mantra has sustained an impressive 132% price increase. Its total market capitalization is over $3 billion.
Moreover, whale activity is also moving upward due to the recent price hike. For instance, Spot On Chain revealed that a whale who owned a large volume of Mantra since December 2023 recently bought more coins to boost his OM holdings.
The whale purchased $2.62 million worth of OM tokens in addition to the 18.27 million coins the whale already owned.
Further, Mantra’s net inflows from whales or large holders surged to 2.39 million OM worth $5.75 million on November 15 from 716,040 tokens recorded on November 13. Analysts said that the growing interest of large investors is a sign that the OM market is bullish.
OM Hits All-Time High
Market commentators said that Mantra’s price has increased by nearly 50% in the past 24 hours, to push the coin up to a new all-time high.
Analysts said that in the past 12 months, the cryptocurrency has increased by more than 10,000%, making it among the top-performing altcoins in the crypto market.
This milestone also established Mantra as the only RWA-focused digital asset to attain 100 times return this year. According to CoinGecko, Mantra ranked 44th in terms of total market capitalization.
In addition, analysts also saw a surge in the open interest in the coin’s futures market which went up 78.22% in the previous day hitting a new record of $115 million. This figure is a big leap from the $24.70 million in September.
Bullish Momentum
Analysts are predicting that Mantra will continue to have an upward trend as the price chart shows that the token is floating above the upper Bollinger Band at $2.0850.
This forecast was confirmed by data from the Average Directional Index reading wherein the token has recorded 35.96, adding that values beyond 25 usually indicate that the trend surrounding a digital asset is strong.
Market observers said that if investors look at the indicators, Mantra may continue to go up and may have another price rally in the short term.
Featured image from Pexels, chart from TradingView