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Mantra Soars 22% Despite Bitcoin Selling Pressure, Multiverse Shines
Mantra (OM) has increased by more than 8% in the last 24 hours, amid increased volatility in the cryptocurrency market.
Mantra’s Bullish Momentum
The relative strength index (RSI) indicates an upward price movement in the neutral zone, suggesting potential without overbought.
Additionally, the Moving Average Convergence Divergence (MACD) signaled bullish sentiment as the signal line crossed the MACD line.
Market sentiment around Mantra remains positive, evidenced by a 7.9% increase in 24-hour trading volume, with over $50 million in OM tokens traded. This rally underscores growing investor confidence in the project’s growth prospects.
OM Technical Data signals further price increases for the asset in the near term. Projections for 2024 have set a price target of around $1.24, with optimistic scenarios suggesting highs of up to $1.45.
Mantra’s current market cap is $703.4 million, backed by a circulating supply of 831.3 OM tokens. These figures underscore MANTRA’s solid foundation for sustained growth in the cryptocurrency market.
At the time of writing, MANTRA (OM) is trading at $0.8575, up over 22% in the last 14 days, according to CoinGecko data.
The Multiverse Defies Bearish Trends
MultiverseX (EGLD), the native token of the Elrond blockchain, is priced at $33.5, up 3.5% over the last 24 hours.
The token maintains a market cap of $921.68 million and a solid daily trading volume of over $45 million.
The moving averages still indicate an uptrend, as both the 50-day and 200-day moving averages have crossed above the current price. However, the Relative Strength Index (RSI) is overbought, suggesting a potential for consolidation or correction in the short term.
In related news, several factors are responsible for the recent price drops seen by Bitcoin (BTC) and other established cryptocurrencies.
AS reported According to crypto.news, the German government has liquidated over 50,000 BTC confiscated several years ago from the illegal online piracy platform Movie2k.
The sale began on June 19, with a transfer of 1,500 BTC to exchanges such as Monetary baseBitstamp and The Kraken.
In the past month, the government has sold more than 3,000 BTC, worth about $172 million, in multiple transactions. The German government still holds 46,356 BTC, worth about $2.6 billion at current prices.
However, recently relationships indicate a temporary halt in German government Bitcoin sales. On-chain analytics reveal no additional transfers from the government-linked wallet to exchanges in the past week.
At press time, Bitcoin (BTC) The price is hovering around $57,754, down 5.2% this week.