Mantra Coin Rises 22% Amid Bitcoin Selling Pressure, Multiverse Excels
Mantra, represented by the symbol OM, has experienced an increase of more than 8% within the last 24 hours, amidst the overall volatility in the crypto market.
The upward price movement of Mantra is indicated by the Relative Strength Index (RSI) residing in the neutral zone, suggesting potential growth without being excessively bought. Furthermore, the Moving Average Convergence Divergence (MACD) has shown a bullish sentiment as the signal line crosses over the MACD line.
Market sentiment surrounding Mantra remains optimistic, as evidenced by a 7.9% surge in the 24-hour trading volume, amounting to over $50 million in OM tokens traded. This surge reflects a growing investor confidence in the project’s future growth.
Technical data for OM signals further price increases in the short term. Predictions for 2024 set a price target of approximately $1.24, with optimistic scenarios projecting highs reaching up to $1.45.
The current market capitalization of Mantra stands at $703.4 million, supported by a circulating supply of 831.3 OM tokens. These figures underline the solid foundation of MANTRA for sustained growth in the cryptocurrency market.
As of the latest data, MANTRA (OM) is trading at $0.8575, marking a rise of over 22% in the past 14 days, according to CoinGecko data.
MultiversX, represented by the symbol EGLD and the native token of the Elrond blockchain, is priced at $33.5, showing a 3.5% increase in the last 24 hours. The token maintains a market capitalization of $921.68 million with a strong daily trading volume exceeding $45 million.
The moving averages continue to indicate a bullish trend, with both the 50-day and 200-day moving averages crossing above the current price. However, the Relative Strength Index (RSI) suggests an overbought situation, indicating the potential for short-term consolidation or correction.
In recent developments, various factors have contributed to the recent price declines observed in Bitcoin (BTC) and other established crypto assets.
According to reports, the German government has been selling off over 50,000 BTC seized from the illegal online piracy platform Movie2k several years ago. The sell-off began on June 19, with 1,500 BTC transferred to exchanges like Coinbase, Bitstamp, and Kraken. Over the past month, more than 3,000 BTC, valued at around $172 million, have been sold in multiple transactions. The German government still holds 46,356 BTC, valued at approximately $2.6 billion at current prices.
However, recent reports suggest a temporary pause in the German government’s Bitcoin sales, with on-chain analytics showing no further transfers from the government-linked wallet to exchanges in the past week.
At present, the Bitcoin (BTC) price hovers around the $57,754 mark, reflecting a 5.2% decline for the week.
