Mantra price remains in consolidation phase over the past two months as 2024 surge loses steam.
Mantra (OM), a popular cryptocurrency in the Real World Asset tokenization industry, is trading at $3.90. It remains 15% below its highest level in 2024.
Technicals suggest that Mantra has formed a similar chart pattern to Ripple (XRP), the third-largest cryptocurrency in the industry.
The daily chart below shows that Mantra went vertical in November before entering a consolidation phase, forming a symmetrical triangle pattern. This pattern is commonly referred to as a bullish pennant and is one of the most popular bullish continuation signals in technical analysis.
Therefore, Mantra may go parabolic now that the two lines of the triangle pattern are nearing their convergence. If this happens, the next potential target to watch will be its all-time high at $4.6265. Moving above that level could indicate further gains, potentially to $5, followed by $7.42, the upper limit of the Fibonacci extension.
XRP price formed a similar pattern
Mantra’s price action is notable because it closely resembles XRP’s movement, which also went parabolic. Like OM, XRP experienced a sharp rally in November, reaching a yearly high of $2.90. It then entered a consolidation phase, forming a symmetrical triangle pattern, before staging a strong comeback this week and climbing to a high of $3.40.
XRP’s price surged following media reports suggesting that the Securities and Exchange Commission is considering changes to its approach to crypto regulations. Reports also indicate that the SEC may pause some enforcement actions, a move that could benefit Ripple.
In another report, Donald Trump said he was open to creating a crypto reserve made up of American cryptocurrencies like XRP and Cardano.
Potential catalysts for Mantra price
Mantra, like XRP, also has several potential catalysts that could push its price significantly higher in the near term. First, it is one of the highest-yielding coins in the crypto industry, offering a yield of 5.79%. This staking yield surpasses Ethereum’s 3.13%.
Second, Mantra is a leading player in the RWA industry, which analysts expect to attract trillions of dollars in assets over the next few years. Recently, Mantra partnered with DAMAC, a major real estate company in the United Arab Emirates. As part of the deal, DAMAC will use Mantra’s network to tokenize its real estate portfolio.
Mantra also partnered with MAG, another major real estate company in the Middle East, and is working on additional partnerships. Furthermore, Mantra’s price may rebound as it continues the strong rally it experienced in 2024.
