Mantra Soars to Two-Month High Amid Geopolitical Tensions

Mantra, one of the best-performing altcoins in 2024, has continued its impressive rally, reaching a two-month high. The cryptocurrency surged to $1.3155 as Bitcoin and Ethereum saw declines amid rising geopolitical tensions. Mantra has experienced a remarkable increase of over 2,130% this year.

The rally has coincided with a significant rebound in its futures open interest, which has risen to a multi-month high of $30 million. A rising open interest indicates strong demand from investors.

Key Factors Behind Mantra’s Surge

Three main factors are contributing to Mantra’s ongoing surge:

Mainnet Launch

Mantra has hinted at launching its mainnet this month, likely during the Cosmoverse event in Dubai on October 23. Crypto companies often launch significant projects during major events. The mainnet aims to position Mantra as the leading network for developers in the Real World Asset tokenization industry. This sector is expected to enhance fractional ownership, increase liquidity, and improve transparency.

Staking Rewards

Another reason for Mantra’s rise is its attractive staking rewards, which are among the highest in the industry. The cryptocurrency offers a staking yield of 22.32%, with a staking ratio of about 50%. The staking ratio measures the proportion of tokens in circulation that have been staked, indicating strong investor engagement.

Technical Strength

Mantra’s price is also supported by robust technical indicators. On the daily chart, the Relative Strength Index (RSI) has been steadily rising since August, approaching the overbought level of 70 on October 2. The Average Directional Index (ADX), which measures trend strength, has risen to 33, indicating a strong trend. The MACD indicator has also shown positive momentum, suggesting that Mantra may continue to rise. The next reference level is $1.4140, its all-time high, which is 12% above the current price.

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