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Mantra Price Plunges, Enters Local Bear Market Amid Strong Performance This Year
Mantra price has declined in recent days, entering a local bear market with a 30% drop from its all-time high. The MANTRA token was trading at $3.54, bringing its market cap to over $3.28 billion, making it the 45th biggest crypto in the industry.
Strong Performance This Year
Despite the recent decline, Mantra’s performance this year has been impressive, with a 10,758% jump. This surge has made it one of the best cryptocurrencies for yield-focused investors, offering a yield of about 30%, according to StakingRewards. This means that a $1,000 investment in the coin can bring in about $300 a year, all factors constant.
High Yield Compared to Other Cryptocurrencies
Mantra’s 30% yield is higher than other popular cryptocurrencies like Ethereum and Solana. It is also much higher than what US government bonds and popular dividend ETFs are offering.
Real World Asset Tokenization Industry
Mantra’s surge is largely due to its aim to disrupt the Real World Asset tokenization industry, which has a multi-trillion dollar potential. The developers recently launched Mantra Chain, a layer-1 network made specifically for the tokenization industry. Analysts believe that the RWA tokenization sector could be a game changer in the crypto industry.
Tokenization Potential
According to recent statistics, assets worth over $30 trillion will be tokenized by 2030. Mantra hopes to be the blockchain used for this tokenization.
Technical Analysis
Technicals suggest that the OM price could be on the cusp of a strong bullish breakout in the next few days. On the daily chart, the coin formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages. Mantra coin has remained above these averages, forming a bullish flag chart pattern and a falling wedge pattern, a popular bullish reversal pattern.
Key Levels to Watch
A falling wedge is a pattern made up of two falling and converging trendlines. With the wedge nearing its confluence pattern, there are signs that the Mantra price will have a strong bullish breakout. If this happens, the next point to watch will be at $4.5150, its highest point last month, which is about 28% above the current level. A drop below the support at $3 will point to more downside.
Tips for Investors:
- Investors should keep an eye on the technical analysis and key levels to watch.
- Mantra’s yield is attractive, but investors should also consider the risks and potential downsides.
- The Real World Asset tokenization industry has a multi-trillion dollar potential, making it an attractive sector for investors.
For more news on cryptocurrencies and investing, visit Global Crypto News.
