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The Mantra price dropped 12% in the last 24 hours to trade for $0.1560 as of 6:30 a.m. EST time on trading volume that plunged 60%.
It comes amid plans for the Mantra network to redevelop its project roadmap. The plan is that it aligns with the community’s desire to upgrade OM to the MANTRA Chain L1 token.
🕉️ In light of the recently passed DAO proposal we will be redeveloping our Roadmap to align with the community's desire to upgrade $OM to the #MANTRA Chain L1 token!
🧑💻 To learn more and be part of the conversation, join us tomorrow at community connect https://t.co/0PlLqyT4yW pic.twitter.com/M2TWkgjlAR
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) February 6, 2024
In a recent report, Santiment analysts indicated that AI and Real World Assets (RWA) tokens would be the next market drivers.
🤖🏘️ The topics of #ArtificialIntelligence and #RealWorldAssets are projecting to be future #crypto market drivers, based on their increased crowd interest over the past 6 months. In the ever-changing climate of trader interests over the years, such as #DeFi, #NFT's,
(Cont) 👇 pic.twitter.com/6XmH1rWXlZ
— Santiment (@santimentfeed) January 30, 2024
Mantra and its native token, OM, feature in the class, with BlackRock executive Larry Fink saying he believes in tokenizing real world assets.
Buy $OM of @MANTRA_Chain #RWA will be the biggest bet of 2024 in crypto with $16T+ Market.
CEO of BlackRock, Larry Flink believes in tokenising real world assets.
Presenting Hidden Gem $OM of @MANTRA_Chain with $120m Mcap in RWA sector 👀$OM to $2 in 2024 🤝🤝🕉️🕉️ pic.twitter.com/DxqpSK6d7h— World of Crypto "❤️ Memecoin" (@ilovearbitrum) February 6, 2024
Meanwhile, the Mantra ecosystem continues to build an RWA-oriented chain with regulatory compliance. Recent developments indicate that the OM community vote has passed for the asset to become the L1 token, with 11% of its circulating supply already staked.
My fav project is $OM of @MANTRA_Chain
11% of $OM's circulating supply is already staked 🚀
And now community vote has passed for $OM to become the L1 token.It is building an #RWA-focused chain with regulatory compliance measures. pic.twitter.com/RRIz6Onn6r
— World of Crypto "❤️ Memecoin" (@ilovearbitrum) February 6, 2024
Mantra Price Prognosis
The Mantra price is sitting on the support offered by the 78.6% Fibonacci level at $0.1558. A correction seems likely for the altcoin considering the OM token is already overbought, judging from the Relative Strength Index (RSI) position at 71.
The histogram bars of the Moving Average Convergence Divergence (MACD) are also paling. This shows a waning buying pressure among the bulls.
Nevertheless, the odds continue to favor the bulls considering their strong presence in the OM market. This is seen by large volumes of green histogram bars of both the MACD and the especially the Awesome Oscillators (AO).
Furthermore, the trajectory of the 50-, 100-, and 200-day Simple Moving Averages (SMA) to the north suggests this was the path with the least resistance.
If the bulls show gusto, the Mantra price could pivot around the 78.6% Fibonacci level to scale a recovery rally. This could see the altcoin rise to reclaim the range high at $0.1924. Such a move would denote a 25% climb above current levels. In a highly bullish case OM price could clear this peak and record a higher high above it.
TradingView: OM/USDT 1-day chart
On the other hand, increased profit booking could see the Mantra price extend the fall to test the 61.8% Fibonacci level at $0.1270. Further south, the altcoin could descend to the 50% Fibonacci level at $0.1068. A break and close below this level would invalidate the prevailing bullish outlook.
In a dire case, the Mantra price could extend a leg down to the 38.2% retracement level at $0.0866. If this buyer congestion level fails to hold as support, the price could roll over to the 50-day SMA at $0.0763, or worse, levels as low as the 23.6% Fibonacci at $0.0616. This would constitute a 60% fall below current levels.
Promising Alternative To Mantra
Elsewhere, analysts say eTukTuk is among the best crypto ICOs of 2024, and are optimistic it can outperform Bitcoin, Solana, and XRP this year. It’s a green crypto focusing on electric vehicles, with experts anticipating 10X on launch.
eTukTuk is a revolutionary cryptocurrency project committed to helping Tuk Tuk drivers adopt a more energy-efficient mode of transportation. Developing economies make for the project’s main target, as it leverages the $TUK token to establish Electric Vehicle Charging Stations (EVSEs).
1/ Witness the groundbreaking transformation of Jammu's public transport!@TataMotors, India's vehicle giant, has just rolled out a fleet of Ultra EV air-conditioned electric buses for Jammu Smart City 🧵⚡ pic.twitter.com/TUAwJHlMaz
— eTukTuk (@eTukTukio) February 1, 2024
The $TUK token powers its commitment to bringing electric Tuk Tuks and a network of EVSEs to developing economies in South Asia and Africa, starting with Sri Lanka.
Among the key distinguishing factors of the project is that it presents a robust use case. Specifically, it has a well-defined concept, meeting users where blockchain tech and sustainability intersect.
The team is committed to establishing an ecosystem dedicated to combating carbon emissions. This is through the integration of blockchain technology and AI advancements, and the promotion of environmentally friendly transportation options. Ultimately, this is expected to propel the global transition to electric vehicles.
Ready to drive change? 🌍
Accelerate towards a sustainable future with eTukTuk! 🚗💨
Participate in the $TUK token sale now and become a part of the green mobility revolution.https://t.co/XIXcperneW
— eTukTuk (@eTukTukio) December 27, 2023
Buy TUK, the ticker for the eTukTuk ecosystem, for attractive discounts at the presale. The token will sell for $0.02625 only for the next seven days after funds raised from the presale surged past $800,000 out of a target objective of $844,058.
Join the eTukTuk sustainable transportation revolution with its green $TUK token presale. Token holders can stake their TUK for annual percentage yields (APY) as high as 274%. Purchase $TUK tokens and stake them to start earning rewards today!
Visit the eTuktuk website here.
Also Read:
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
- eTukTuk Continues to Impress As Traders Rush to New Electric Vehicle Revolution in Developing Nations With Over $310k Raised Already
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