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The Mantra price skyrocketed 24% in the last 24 hours to trade at $4.20 as of 2.10 a.m. EST on trading volume that soared 33% to $728 million.
Mantra’s price started surging on Saturday, November 16, after the project announced that something big was coming in a post on X. So far, there have been no details released, but the announcement was enough to hype up the project’s community and trigger a rally.
Sherpas!
Something BIG is Coming! 👀 #HomeOfRWAs pic.twitter.com/iJeyYSMick
— MANTRA | Mainnet Live (@MANTRA_Chain) November 15, 2024
The weekend surge is only the latest addition to Mantra’s week-long price boost, which took the project up by over 205%.
Last Monday, November 11, the OM price sat at $1.379, only to climb just short of the resistance at $4.50. The token hit an all-time high of $4.47 only 3 hours ago.
The level rejected OM, causing it to drop to $4.20, but this support might be strong enough to prevent further drops.
Mantra Price Prediction
While Mantra’s price brought many of its holders major gains over the past week, traders and investors are very curious to learn whether the OM token has the potential to keep going up, or if it is too late to buy Mantra at this point.
The project’s technical indicators suggest that Mantra has reached a certain level of stability now, after being rejected by the resistance at $4.50. The project’s Bollinger bands saw a slight narrowing over the last few hours, but then they stabilized.
Meanwhile, the Mantra price, which used to push the upper band further up over the weekend dropped just under the middle point between the two bands, and has stabilized there as well, at a price of $4.20.
The same can be said about the project’s Relative Strength Index (RSI) value, which ventured beyond the threshold of the overbought zone a few hours ago. This caused a number of the OM token holders to take profit, which pushed the RSI down, alongside the token’s price.
The RSI then reached the neutral zone at 50.84 and has since been fluctuating between the values of 50 and 51.
In other words, for the moment, Mantra has achieved stability, although it likely won’t last for long. With the project’s pending announcement, the OM price could break out upwards if the team reveals what it has been working on soon, causing another rally.
Alternatively, traders could end up selling over the next few hours in an attempt to take profit before the project drops to the oversold zone. In other words, the price will likely move in one direction or the other; as for where it goes, it will depend either on the announcement or the sentiment of the wider market.
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