- OM has surged by 8354.87% over the past year, outpacing other coins in the market
- Market indicators suggested Mantra’s market may be overheated now and might decline
As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous bull and bear runs. However, the performance of Mantra [OM] over the past year has been nothing short of extraordinary. The 8354.87% surge it recorded outperformed all other coins in the market, making it the undisputed star of 2024.
Over the last year, Mantra [OM] has experienced an astonishing rise on financial charts, outshining every other cryptocurrency. In the year 2024, Mantra’s value skyrocketed from a minimum of $0.043 to a record-breaking peak of $4.6, which was set just two weeks ago.
After that point, it experienced a minor decline in its graphical representation. At this moment, OM is being traded at $3.65. This represents an impressive increase of 8,354.87% over the last twelve months. This extraordinary annual surge has positioned Mantra as the top-performing cryptocurrency for the year.
MANTRA – The altcoin that dominated 2024 with +8354% Growth
As reported by Aphractal, OM has significantly surpassed all significant cryptocurrencies in performance over the past year. For example, this altcoin has beaten Ethereum (ETH) by a staggering 196.5-fold and Bitcoin (BTC) by more than 67 times.
This expansion is crucial for Mantra, as it underscores both the robustness of the Mantra network and the escalating interest in their blockchain technology.
As a researcher, I’m observing a clear trend: Markets are becoming increasingly receptive to blockchain technologies that facilitate integration with real-world assets and adhere to regulatory standards. This observation underscores the significant influence that OM, with its robust metrics and distinctive vision, has garnered this year, making it the most impactful altcoin in the market.
What lies ahead for OM ?
As a researcher focusing on Mantra’s progress, I find myself reflecting on the significant advancements Mantra has made throughout 2024, particularly its notable presence in a fiercely competitive market. This prompts me to ponder about the future trajectory of OM and whether it can maintain these hard-earned gains.
Based on AMBCrypto’s assessment, it appears that the market for Mantra could be experiencing a state of excess, possibly leading to a period of correction for this altcoin in the near future.
Initially, let’s examine the MVRM Ratio’s Z-score as an indicator of the signal being excessively high. Over the last seven days, this score has decreased from 9 to 7.2, suggesting a gradual market cooling. However, it remains in an elevated area at this point.
Typically, when a score surpasses 3.7, it suggests that the market value is substantially higher than its actual worth, a condition often followed by adjustments or decreases in the market. Consequently, it’s likely that prices will fall to help the market achieve a balanced state.
Moreover, the transition to a corrective phase can be clearly seen through a downtrend emerging from two points. In other words, a downtrend was noticeable on both Stoch RSI and RVGI. When this downtrend happens on the Stoch chart, it indicates that the upward trend’s strength is diminishing and there could potentially be a price drop.
The bearish trend can be strengthened by the bearish crossing observed on the Relative Vigor Index (RVGI). In simpler terms, this means that a bearish signal has been given on the RVGI, which typically suggests a downtrend in the market.
In summary, it appears that bears are making a move and attempting to dominate the market. Should they be successful, we may witness a decrease in OM’s value on price charts. If the current bearish pattern continues, OM might dip down to around $3.4. On the contrary, if the yearly trend maintains its strength, OM will likely regain the resistance level of $4.0.
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2024-12-28 09:11