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Mantra price fell 12% in the last 24 hours to trade at $0.1560 at 6:30 am EST, with trading volume falling 60%.
It comes amid plans for the Mantra network to redevelop its project roadmap. The plan is for it to align with the community's desire to upgrade OM to the MANTRA Chain L1 token.
In light of the recently approved DAO proposal, we will redevelop our roadmap to align with the community's desire for upgrades. $OM toward #MANTRA L1 token in chain!
To learn more and be part of the conversation, join us tomorrow on community connect https://t.co/0PlLqyT4yW pic.twitter.com/M2TWkgjlAR
— MANTRA (@MANTRA_Chain) February 6, 2024
In a recent report, Santiment analysts indicated that ai tokens and Real World Assets (RWA) would be the next market drivers.
Themes of #artificial intelligence and #RealWorldAssets they are projecting to be future crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto market drivers, based on increased public interest in the last 6 months. In the ever-changing climate of merchant interests over the years, as #DeFi, nft?src=hash&ref_src=twsrc%5Etfw”>#nft's,
(Continued) pic.twitter.com/6XmH1rWXlZ
– Sentiment (@santimentfeed) January 30, 2024
Mantra and its native token, OM, are listed in the class, and BlackRock executive Larry Fink says he believes in tokenizing real-world assets.
Buy $OM of @MANTRA_Chain #RWA It will be the biggest bet of 2024 in crypto with a market of more than 16 trillion dollars.
Larry Flink, CEO of BlackRock, believes in tokenizing real-world assets.
Presenting a hidden gem $OM of @MANTRA_Chain with $120m Mcap in the RWA sector $OM to $2 in 2024 pic.twitter.com/DxqpSK6d7h— Cryptocurrency world ” Memecoin” (@ilovearbitrum) February 6, 2024
Meanwhile, the Mantra ecosystem continues to build a regulatory-compliant RWA-oriented chain. Recent developments indicate that the OM community vote approved the asset becoming the L1 token, with 11% of its circulating supply already up for grabs.
My favorite project is $OM of @MANTRA_Chain
11 out of $OMThe circulating supply of is already at stake
And now the community vote has passed $OM to become the L1 token.You are building a #RWA-Chain focused with regulatory compliance measures. pic.twitter.com/RRIz6Onn6r
— Cryptocurrency world ” Memecoin” (@ilovearbitrum) February 6, 2024
Mantra Price Forecast
Mantra price is at the support offered by the 78.6% Fibonacci level at $0.1558. A correction seems likely for the altcoin considering that the OM token is already overbought, judging by the Relative Strength Index (RSI) position at 71.
The moving average convergence divergence (MACD) histogram bars are also paling. This shows waning buying pressure among the bulls.
However, the odds still favor the bulls considering their strong presence in the OM market. This is seen in large volumes of green histogram bars from both the MACD and especially the Awesome Oscillators (AO).
Furthermore, the trajectory of the 50-day, 100-day, and 200-day simple moving averages (SMA) northward suggests that this was the path of least resistance.
If the bulls show enthusiasm, Mantra price could turn around the 78.6% Fibonacci level to scale a recovery rally. This could see the altcoin rally to reclaim the range high of $0.1924. Such a move would mean a 25% increase above current levels. In a very bullish case, OM price could surpass this peak and record a higher high above it.
TradingView: OM/USDT 1-day chart
On the other hand, higher profit booking could cause Mantra price to extend the decline to test the 61.8% Fibonacci level at $0.1270. Further south, the altcoin could decline to the 50% Fibonacci level at $0.1068. A breakout and close below this level would invalidate the prevailing bullish outlook.
In a severe case, Mantra price could extend to the 38.2% retracement level at $0.0866. If this level of buyer congestion does not hold as support, the price could fall to the 50-day SMA at $0.0763, or worse, levels as low as the 23.6% Fibonacci at $0.0616. This would constitute a 60% drop below current levels.
Promising alternative to mantra
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The $TUK token fuels its commitment to bring electric Tuk Tuks and an EVSE network to the developing economies of South Asia and Africa, starting with Sri Lanka.
One of the key distinguishing factors of the project is that it presents a strong use case. Specifically, it has a well-defined concept, meeting users where blockchain technology and sustainability intersect.
The team is committed to establishing an ecosystem dedicated to combating carbon emissions. This is achieved by integrating blockchain technology and advances in artificial intelligence, and promoting environmentally friendly transportation options. Ultimately, this is expected to drive the global transition to electric vehicles.
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Buy TUK, the symbol of the eTukTuk ecosystem, for attractive pre-sale discounts. The token will be sold for $0.02625 over the next seven days only after funds raised in the pre-sale surpassed $800,000 out of a target of $844,058.
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Also read:
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- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
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