New Peak for OM

Most of the leading cryptocurrencies have experienced severe ups and downs over the past several weeks. Bitcoin (BTC), for instance, fell to $60,000 at the beginning of October and later rebounded to its current $63,000 (per CoinGecko’s data).

Most major cryptocurrencies have seen wild price swings over the past few weeks. Bitcoin (BTC), for example, dropped to $60,000 in early October and has since recovered to trade at $63,000 (according to CoinGecko).

However, a handful of digital assets have seen their prices go predominantly up in recent times. One glaring example is Mantra (OM), which has surged by more than 60% in the past month. Earlier today (October 7), it hit a new all-time high of nearly $1.50, while its market capitalization breached the $1.2 billion mark.

The token’s achievement did not go unnoticed by several industry participants. Prominent X user IBCIG said that OM’s momentum is “really unstoppable,” predicting a further rally to $2.

“With its purpose-driven tokenomics and a strong Layer 1 foundation, it is easily among the top RWA projects in my portfolio,” they added.

Others who chimed in were Daan Crypto Trades and Token Sherpa. The former said that OM has performed “incredibly strong during all the chaos in the past few weeks/months,” whereas the latter believes that the new peak is merely the beginning of a large bull run.

On-Chain Metrics Display the Buy Signal

Over a dozen key metrics are suggesting that OM’s bull run is far from over. One such metric is the Momentum Indicator (MOM), which gauges the asset’s rate of change and compares the current price to the price from previous periods. At the moment, it’s positioned at around 0.2, presenting a possible buying opportunity.

The Simple Moving Average (over a 10-day period), the Exponential Moving Average (on a monthly basis), and the Hull Moving Average are also indicating potential gains in the near future.

One of the few metrics that are hinting at a possible correction is the Relative Strength Index (RSI). The momentum oscillator has risen to a ratio of over 75, entering into overbought territory. This suggests that OM may be overvalued, and a pullback could be on the cards.

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