Mantra (OM) Defies Bearish Trends, Signaling Further Price Increases

Mantra (OM) is up over 8% in the past 24 hours, amid broader crypto market volatility. The Relative Strength Index (RSI) indicates upward price movement in the neutral zone, suggesting potential without being overbought.

Cryptocurrency prices continue to experience volatility, with some assets, such as MANTRA (OM), defying the broader market downturn and surging to new highs.

At the time of writing, MANTRA (OM) is trading at $0.8575, up over 8% in the past 24 hours, according to CoinGecko data.

This bullish momentum is further evidenced by a 7.9% increase in 24-hour trading volume, which now exceeds $50 million in OM tokens traded.

Moreover, technical indicators, such as the Relative Strength Index (RSI), suggest potential for further price increases in the short term.

However, it is crucial to note that the RSI is currently indicating neutral territory, which could suggest a period of consolidation before any significant price movements.

According to price projections for 2024, MANTRA (OM) is expected to experience a price increase, with some optimistic scenarios suggesting highs of up to $1.45.

Currently, the asset is priced at around $0.85, indicating potential for significant growth in the upcoming months.

With a circulating supply of 831.3 OM tokens, MANTRA's market capitalization currently stands at $703.4 million.

This figure highlights the project's strong foundation for sustained growth within the cryptocurrency market.

Meanwhile, MultiversX (EGLD), the native token of the Elrond blockchain, is priced at $33.5, indicating a 3.5% increase in the past 24 hours.

The token maintains a market capitalization of $921.68 million and a robust daily trading volume of over $45 million.

As indicated by technical analysis, the moving averages still suggest a bullish trend, with both the 50-day and 200-day moving averages positioned above the current price.

However, the Relative Strength Index (RSI) is overbought, which could indicate potential for short-term consolidation or correction.

In related news, several factors are contributing to the recent price declines recorded by Bitcoin (BTC) and other established crypto assets.

As reported by crypto.news, the German government has been slowly liquidating the over 50,000 BTC confiscated from the illegal online piracy platform Movie2k several years ago.

The sell-off commenced on June 19, with a transfer of 1,500 BTC to exchanges such as Coinbase, Bitstamp, and Kraken.

Over the past month, the government has sold more than 3,000 BTC, valued at approximately $172 million, in multiple transactions.

The German government still holds 46,356 BTC, which is valued at approximately $2.6 billion at current prices.

However, recent reports indicate a temporary halt in the German government's Bitcoin sales. On-chain analytics reveal no further transfers from the government-linked wallet to exchanges in the past week.

At press time, the Bitcoin (BTC) price is hovering around the $57,754 region, representing a 5.2% decline this week.

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