MANTRA ($OM) has recently witnessed a significant transformation, displaying a compelling technical landscape that positions it as a potential gem in the cryptocurrency market. In this analysis, we delve into key aspects that highlight the bullish momentum and future potential of $OM.
Over the past 19 months, $OM has been consolidating within a well-defined accumulation zone, marked by lower lows taking support from a robust trendline. This extended period of accumulation signifies a solid foundation for potential future growth.
A noteworthy breakthrough occurred as $OM successfully breached the resistance level at $0.06. This pivotal moment marked a shift in market structure from bearish to bullish, instilling confidence among investors.
The last 6 weeks have been nothing short of remarkable for MANTRA, with a staggering 750% increase in Market Cap. This surge not only reflects growing market interest but also establishes MANTRA as a standout performer.
Amid the current price of $0.146, a healthy correction towards the last resistance level of $0.06 is seen as a potential buying opportunity. Investors considering this correction may anticipate a remarkable ROI of over 600%. Riding on the current momentum, $OM is expected to approach the next major resistance level at $0.21. A successful break beyond this level could pave the way for a move towards $0.31, strategically targeting buy-side liquidity. Sustaining the price above $0.31 positions $OM for further gains, potentially reaching the $0.5 level and surpassing equal highs. This optimistic long-term outlook underscores the project’s potential for sustained growth.
$OM’s recent technical developments indicate a robust and bullish trajectory, with key resistance levels being conquered and a solid foundation laid during the accumulation phase. Investors eyeing the cryptocurrency market for promising opportunities should keep a close watch on $OM, as it continues to defy expectations and set new milestones.
In addition to these technical developments, the MANTRA community recently made a significant decision. They proposed and overwhelmingly voted (with 99% in favor) to make $OM the native token for the MANTRA Chain instead of introducing a new token called $AUM. This transition was driven by the strong brand recognition and existing OM holder base, aiming to simplify the ecosystem and enhance the value proposition for OM holders. The outcome of the proposal is that the MANTRA team will conduct a Feasibility Report for making OM the L1 token of MANTRA Chain.
Find the detailed proposal here – https://snapshot.org/#/mantra-dao.eth/proposal/0x81dc371465584cf5168da3cbdfee7f247c2bd871d694c82e3121cbdec285738c
This strategic move is seen as a potential catalyst for the launch of the MANTRA Chain Mainnet, leveraging the 7.7K OM holders on the Ethereum network to quickly onboard a substantial user base, bringing attention and value to the project. Additionally, the proposal suggests migrating OM from the Ethereum Virtual Machine (EVM) to the Cosmos ecosystem and running the MANTRA Testnet phase 2 with OM as the chain token. These changes aim to streamline and strengthen the ecosystem, aligning with the community’s vision for the project’s future.
