Will the biggest gainer of the day reach $5 this year?

Will the biggest gainer of the day reach  this year?

OM token climbed to the top of the winners list on Thursday after surging more than 14%. At the time of writing, the coin was trading at $1.05, up almost 10% from the same time the previous day, according to data from CoinMarketCap.

The weekly chart for the coin also indicates solid gains, with the current increase standing at almost 30%.

OM Token Sees Increase in Investor Confidence

Before the bull run began in early 2024, the OM token had been trading at acceptable levels for over three years. With the most recent significant increases occurring between October 2020 and March 2021, Mantra (OM) has been experiencing a bull run on high timeframes. In 2024, the trend was enough to send OM into an even greater frenzy.

Following the news of Mantra’s partnership to promote real-asset tokenization on the network, OM saw a surge that saw it reach its all-time high of $1.09 in June. Since then, Mantra has adjusted and has been fluctuating between $0.60 and $0.80. Last week, it saw an 11% surge that resulted in a weekly high of almost $0.89. OM, which is ranked 108th on CoinMarketCap, has managed to hold its price of $0.7 despite the terrible times.

Why is Mantra Token rising?

OM’s current success is attributed to a number of things. The decentralized finance (DeFi), staking, and lending components of MANTRA’s ecosystem have attracted a lot of interest and usage for the token. OM’s remarkable price success can be attributed to the platform’s inventive features and strong community support, which have driven demand for the product.

Furthermore, the importance of resilience and diversity in Bitcoin portfolios has been brought to light by the current market correction. Promising initiatives such as MANTRA have attracted the attention of investors looking for alternatives to more established tokens such as BTC and ETH, which have driven the price of OM higher.

Will OM rise up in the future?

In the coming months, MANTRA price is expected to rise by 224.90% to $3.17, based on the current price estimate. Analyst data and other technical indicators indicate that the current sentiment is bullish, with the Fear & Greed Index currently standing at 29 (Fear). Over the past 30 days, MANTRA has seen 13/30 (43%) green days and 10.39% price volatility. Data also indicates that there is a bullish overall sentiment for MANTRA price forecast, with 28 technical analysis indicators indicating bullish signals and 3 indicating bearish signals.

The bullish view on OM’s price is supported by several important technical indicators. Currently, the Relative Strength Index (RSI), which measures how fast and how much prices are moving, is set at around 60. With room for further upside, this level indicates that OM is neither overbought nor oversold. A ratio greater than 70, which indicates overbought conditions, is considered bearish.