🌎 Mantra (OM) Surges 8% Amid Crypto Market Volatility

Mantra (OM) has experienced an impressive surge of over 8% in the past 24 hours, despite the ongoing volatility in the broader crypto market.

Mantra’s Bullish Momentum

The Relative Strength Index (RSI) for Mantra indicates a potential upward price movement within the neutral zone, suggesting that the asset is not currently overbought. Additionally, the Moving Average Convergence Divergence (MACD) has shown bullish sentiment, with the signal line crossing above the MACD line.

Market sentiment remains positive for Mantra, highlighted by a 7.9% increase in 24-hour trading volume, with over $50 million in OM tokens traded. This uptick reflects growing investor confidence in the project’s growth potential.

OM’s Technical Data

Technical indicators signal further price increases for the asset in the short term. Projections for 2024 estimate a price target of around $1.24, with optimistic scenarios suggesting highs up to $1.45.

Mantra’s current market capitalization stands at $703.4 million, supported by a circulating supply of 831.3 million OM tokens. These figures highlight Mantra’s solid foundation for sustained growth in the cryptocurrency market.

At the time of writing, Mantra (OM) is trading at $0.8575, representing an over 22% rise over the past 14 days.

Multiverse’s Performance

MultiversX (EGLD), the native token of the Elrond blockchain, is priced at $33.5, marking a 3.5% rise in the past 24 hours. The token maintains a market capitalization of $921.68 million and a daily trading volume of over $45 million.

Moving averages still indicate a bullish trend for MultiversX, as both the 50-day and 200-day moving averages have crossed above the current price. However, the Relative Strength Index (RSI) is overbought, suggesting potential for short-term consolidation or correction.

Bitcoin Market Updates

Several factors have contributed to recent price declines for Bitcoin (BTC) and other established crypto assets. Notably, the German government has been liquidating over 50,000 BTC confiscated from the illegal online piracy platform Movie2k several years ago.

The sell-off began on June 19, with a transfer of 1,500 BTC to exchanges. Over the past month, the government has sold more than 3,000 BTC, valued at approximately $172 million, in multiple transactions. The German government still holds 46,356 BTC, valued at approximately $2.6 billion at current prices.

Recent data indicates a temporary halt in the German government’s Bitcoin sales, with no further transfers from the government-linked wallet to exchanges in the past week.

At press time, the Bitcoin (BTC) price is around $57,754, representing a 5.2% decline this week.