A new rally in perspective?

TL;DR

• Mantra (OM) has surged more than 60% in the past 30 days, hitting an all-time high of $1.50, with analysts forecasting further upside.
• On-chain metrics suggest continued gains, but the RSI indicates it could be overbought, signaling a possible correction.

New peak for OM

Most major cryptocurrencies have seen serious ups and downs over the past few weeks. Bitcoin (BTC), for example, fell to $60,000 in early October, then rebounded to its current level of $63,000 (according to CoinGecko data).

There are, however, a few digital assets whose prices have mainly increased lately. An obvious example is Mantra (OM), which has surged more than 60% monthly. Earlier today (October 7), it hit a new all-time high of nearly $1.50, as its market cap surpassed $1.2 billion.

The success of the token has attracted the attention of several industry players. THE popular User X IBCIG claimed The momentum of OM is “truly unstoppable”, expecting a further rise to 2 dollars.

“With its targeted tokenomics and a solid layer 1 foundation, it is by far one of the best RWA projects in my portfolio,” they added.

Daan Crypto Trades and Token Sherpa also participated. The old said OM have been “incredibly strong in all the chaos of recent weeks/months”, while the latter think the new peak is just the beginning of a major bull run.

On-Chain Metrics Flash Buy Signal

More than a dozen important indicators suggest that OM’s bull run is far from over. One of them is the Momentum Indicator (MOM), which measures the rate of change of the asset and compares the current valuation with the price of previous periods. For the moment, it is together at around 0.2, presenting a potential buying opportunity.

The simple moving average (on a 10-day scale), the exponential moving average (on a monthly basis), and the Hull Moving Average also indicate possible gains in the near future.

One of the very few metrics hinting at a potential correction is the Relative Strength Index (RSI). The momentum oscillator has risen above a ratio of 75, entering overbought territory. This suggests that OM could to be overvaluedand a withdrawal could occur.