MANTRA (OM) Price Prediction 2024: Will OM Price Hit $0.25 Soon?

• Bullish Mantra (OM) price prediction ranges from $0.149 to $0.24.
• Analysis suggests that the Mantra (OM) price might reach above $0.187.
• The Mantra (OM) bearish market price prediction for 2024 is $0.118.

What is Mantra (OM)?

Mantra (OM) is the token of the Mantra ecosystem, a decentralized finance ecosystem consisting of Mantra Finance, Mantra Chain, and Mantra DAO. 

According to the website, Mantra is the first of its kind, being a vertically-integrated and regulatory-compliant blockchain ecosystem. Mantra Finance is the leading provider of DeFi products, allowing users to trade on an institutional-grade secure platform. The Mantra Chain provides permissionless ability to build Web3 applications on the high-performance, scalable blockchain. 

Traders and investors can trade Mantra (OM) on many centralized and decentralized exchanges, including Binance, OKX, KuCoin, and Uniswap. 

Mantra (OM) Current Market Status

At the time of writing, Mantra (OM) is trading for $0.1515, showing a 7.14% decrease in the past 24 hours, according to CoinMarketCap . However, in the long term, the token was gaining value, as Mantra (OM) increased by 53.67% and 140.37% in the past seven days and the past month, respectively. 

Mantra’s (OM) market capitalization stands at $120,375,547, putting the token at number 310 in the ranking by market cap. As for the trading volume in the past 24 hours, it’s standing at $37,613,933, showing a 65.1% decrease from the previous day. 

The total supply for OM is 888,888,888, with a current circulating supply of 793,258,032 OM.

Mantra (OM) Price Prediction For 2024

OM/USDT 4-hour chart showing support and resistance levels and the RSI (Source: TradingView )

The Relative Strength Index (RSI) is a momentum indicator that traders use to determine the current trend of the price movement and determine if it is in the oversold or overbought region. When the RSI is valued below or at 30, it is considered an oversold region, and a price correction could happen soon. When the RSI is valued above or at 70, it is considered as the overbought region, and traders expect the price could fall soon.

For Mantra (OM), the RSI is valued at 53.2, a decrease after reaching beyond 70 between February 2 to February 4. The rise in the RSI in the past few days is reflected in the increase in OM’s price. OM might be going through a price correction at the moment and the price could fall more, potentially giving investors the chance to buy more OM. 

Currently, the RSI is in a neutral position, going below the signal, a sign that OM is bearish at the moment and trading below average. From January 4 to February 4, OM’s RSI surpassed the 70 mark three times.

By analyzing OM’s resistance and support levels, OM’s price tends to fall to its prior support level, rise but doesn’t gain enough momentum to break through the resistance, consolidate for a while, and then surpass the resistance level, labeling it the new support mark.

In the event that OM gains value, we could expect it to reach above its current resistance level of $0.187. If the market’s sentiment around OM is positive and bulls take control, we could see OM rising and reaching $0.24. On the flip side, if OM crashes, it may look for support at $0.149, and if it doesn’t hold up, the token may rely on its previous support level of $0.118. 

OM 4-hour chart showing Bollinger Bands and the MACD (Source: TradingView )

Bollinger Bands is a technical tool used to analyze price movement and volatility. Expanding bands show more volatility, while contracting bands show that the market is less volatile. Looking at the chart above, OM’s price is volatile, crossing the Simple Moving Average (SMA) line and possibly going lower. OM recently tested the upper band line multiple times and appears to be going through a price correction, and a possible decrease in price is expected. 

Looking at the Moving Average Convergence and Divergence (MACD), the 12-day EMA is currently below the 26-day EMA, giving a bearish sentiment to the price. OM’s recent price hike was reflected in the MACD chart between February 2 and February 4, as the 12-day EMA was higher than the 26-day EMA. 

OM/USDT 4-hour chart showing Aroon percentages. (Source: TradingView )

The Aroon indicator signals when there is a strong uptrend or downtrend. The Aroon indicator consists of two lines: Aroon Up and Aroon Down, the Aroon Up is usually demonstrated in orange, and the Aroon Down is shown in blue. 

Looking at the given chart, the Aroon Up was at 7.14%, while the Aroon Down was at 28.57%. The Aroon Down surpassing the Aroon Up could potentially signify an upcoming downtrend. 

Conclusion

After analyzing the charts and previous price movements, Mantra (OM) is currently facing a downtrend, but in comparison to its previous movements, it might rally soon, and this might be a good entry point for investors.

In 2024, Mantra (OM) might trade within $0.149 to $0.24 in a bull market, but if the bears took control, the token’s price might retrace to $0.118.

FAQs