Mantra (OM) has seen interest and growth lately, with analysts suggesting a potential price breakout. Crypto analyst Professor Astrones noted on X that the OM token is approaching a big move, driven by both technical factors and increased investments from partners.
The tweet stated, “$OM Big move soon. Expecting a breakout next week. Some partners investing huge in @MANTRA_Chain,” highlighting the growing interest and anticipation in the market for OM’s next big surge.
Besides, per CoinGecko data at press time, OM has hit $1.00. The token’s daily trading volume is at $29,111,498. This indicates a 13.44% and a 7.66% surge in the past day and week.
OM’s Analysis Points to a Breakout
The technical analysis provided by ProfessorAstrones offers a detailed insight into OM’s recent price action. The chart reveals that OM has been steadily climbing since late 2023, supported by an ascending trendline.
$OMBig move soon Expecting a breakout next week Some partners investing huge in @MANTRA_Chain pic.twitter.com/77isMqMjpQ
— ProfessorAstrones (@Astrones2) August 30, 2024
This trendline has consistently acted as a base, preventing the price from falling further. Besides, it is crucial as it highlights the token’s resilience and steady upward momentum over the past several months.
Above the current price level, a horizontal resistance zone lies between $1.00 and $1.20. This zone has historically been a hurdle, with multiple rejections occurring within this range.
However, OM is now consolidating just above the ascending trendline, indicating a buildup of momentum that often precedes a breakout. If OM can breach the $1.20 resistance level, it could trigger a substantial upward movement, potentially leading to new highs.
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Catalysts Behind the Expected Surge
Beyond the technical factors, fundamental developments are also playing a crucial role in the anticipated breakout. ProfessorAstrones pointed to investments from partners in the Mantra Chain ecosystem, which supports the OM token.
These investments could act as a catalyst, propelling OM beyond the critical resistance level. The growing interest and influx of capital are seen as strong indicators of the market’s confidence in OM’s long-term potential.
Adding to the bullish sentiment, another key development was highlighted by Tahira Siddiqi, who tweeted,
“Big news! BlackRock, the world’s largest asset manager, is backing @MANTRA_Chain’s $OM. This major investment validates MANTRA’s innovative approach to integrating real-world assets into blockchain technology.”
The endorsement from BlackRock provides a boost in credibility and highlights the growing institutional interest in Mantra’s ecosystem.
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