Mantra Chain (OM) Price Approaches All-Time High Ahead of Mainnet Launch

Key Takeaways

• The Mantra Chain mainnet will launch in October.
• The OM price reached a new all-time high in July.
• Can OM begin another upward movement toward new highs?

The OM price has been one of the best performers of 2024, increasing by more than 2,100%. The upward movement culminated with a high of $1.41 in July. After a brief decline, OM regained its footing and is nearing its all-time high again.

Ahead of the Mantra Chain mainnet launch in October, let’s analyze the price action and see if a new all-time high is possible this year.

Mantra Chain Mainnet

The Mantra team announced that the Mantra Chain mainnet will finally launch in October, though it did not give a specific date for when it will go live. The mainnet will help bring real-world assets (RWA) on-chain,

Mantra is currently the biggest RWA coin by market cap, leading ONDO and PENDLE. With the release of its main net, Mantra aims to improve its security and stability and become the most trusted platform for deploying institutional capital on-chain.

Mantra’s CEO, JP Mullin, said that the launch of the Mantra Chain mainnet is the culmination of years of hard work and that he believes the chain will be the main destination for institutions and businesses that want to access asset tokenization.

RWAs, in general, have performed extremely well in the current bull run. They are the best-performing category year-to-date, increasing by 314.7% and leading centralized exchange tokens by nearly fivefold.

This is really primarily led by OM and ONDO, though PENDLE is not far behind.

Now, let’s examine the OM price action and see if it can extend its run to new highs.

OM All-Time High

The OM price has increased drastically since breaking out from a descending resistance trend line in Nov. 2023. The rally faced no hurdles until it reached the previous all-time high resistance at $0.70.

After the eventual breakout above this area, the price of OM validated it as support (white icons). It began another upward movement, culminating with an all-time high of $1.39 in July.

Since then, OM has created a higher low and is approaching an all-time high price.

Read More: Mantra Chain Price Prediction 2024: OM Price Analysis

However, the Relative Strength Index (RSI) shows some warning signs. The indicator has been generating a bearish divergence (green) since the start of the year. The indicator has reached the divergence trend line. So, whether it breaks out or gets rejected can determine if the upward movement will extend or if the OM price will begin to fall instead.

Breakout Ahead?

The daily time frame of Mantra Chain price analysis leans bullish, implying that OM will reach a new all-time high. This is mainly because the price reclaimed the $1.05 horizontal area, likely to provide support. Additionally, OM is attempting to move above the channel’s midline, though this has not been confirmed yet.

Despite the failure to break out, the RSI supports the continuing of the increase. The indicator is above 50 and increasing with ample room to grow until it reaches deeply overbought territory.

However, OM must break from the channel’s midline to confirm this possibility. In that case, the channel’s resistance trend line at $1.65 will provide the next target.

Conversely, failing to move above the channel’s midline could trigger a drop to the support trend line at $1, coinciding with the previously mentioned horizontal support.

Bullish October

The OM price has increased since Sept. 5 and is attempting to break out from a long-term resistance level.

If successful, the price of OM Can reach a new all-time high of $1.65. The Mantra Chain mainnet launch in October could boost interest in the project.