Mantra (OM), a cryptocurrency, has seen an increase of over 8% in the last 24 hours, despite the overall market volatility in the crypto space. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators suggest potential for further price increases without being overbought.
There has been a surge in market sentiment surrounding Mantra, with a 7.9% increase in 24-hour trading volume, totaling over $50 million in OM tokens traded. This surge reflects growing investor confidence in the project’s growth prospects. Technical data also indicates the possibility of additional price increases in the short term, with projections for 2024 setting a price target of around $1.24.
Currently, Mantra (OM) is trading at $0.8575, showing a significant rise of over 22% in the past 14 days. The cryptocurrency has a market capitalization of $703.4 million, supported by a circulating supply of 831.3 OM tokens, highlighting its strong foundation for continued growth in the crypto market.
In contrast, MultiversX (EGLD), the native token of the Elrond blockchain, has experienced a 3.5% increase in the past 24 hours, reaching a price of $33.5. The token maintains a market capitalization of $921.68 million and a daily trading volume exceeding $45 million. Despite the bullish trend indicated by moving averages, the Relative Strength Index (RSI) suggests a potential for short-term consolidation or correction.
Recent price declines in Bitcoin (BTC) and other established cryptocurrencies have been attributed to the German government liquidating over 50,000 BTC confiscated from the illegal online piracy platform Movie2k several years ago. The government has sold more than 3,000 BTC in the past month, totaling approximately $172 million. However, there has been a temporary halt in the government’s Bitcoin sales, with no further transfers to exchanges reported in the past week.
As of now, the Bitcoin (BTC) price is hovering around $57,754, reflecting a 5.2% decline this week. Despite the market fluctuations, the positive performance of Mantra and MultiversX indicates resilience in the cryptocurrency market, with potential for further growth and price increases in the near future.