- OM has risen 8354.87% in the past year, surpassing other coins on the market
- Market indicators suggested that Mantra’s market could now be overheated and could fall
The past year, Mantra [OM] has registered an explosive rise on the charts and is outperforming all cryptocurrencies. In 2024, Mantra even rose from a low of $0.043 to a new all-time high of $4.6, measured two weeks ago.
Since then, it has registered a slight decline on the charts. At the time of writing, OM was trading at $3.65. This represented an increase of 8354.87% over the past year. This parabolic annual rally makes Mantra the best performing crypto of the year.
MANTRA – The altcoin that dominated 2024 with +8354% growth
According to Aractal, OM has outperformed all major coins over the past year. For example, the altcoin has outperformed Ethereum [ETH] by 196.5 times and Bitcoin [BTC] with 67 times.
Source: Alpharactal
This growth is significant for Mantra as it reflects not only the strength of the Mantra ecosystem, but also the rising demand for its blockchain.
This is also evidence that markets are warming up to blockchains that focus on real-world asset integration and regulatory compliance. That’s why, with strong metrics and a unique vision, OM has established itself as the most impactful altcoin of the year.
What awaits OM?
Throughout 2024, Mantra has made significant progress towards market acceptance, especially as it creates a name for itself in a highly competitive market. With this in mind, it is essential to ask ourselves what lies ahead and whether OM can maintain these gains.
According to AMBCrypto’s analysis, Mantra’s market is currently overheated and the altcoin may soon enter a corrective phase.
Source: Santiment
To start, we can see this overheated signal through the MVRV Ratio Z-score. Although the price dropped from 9 to 7.2 over the past week, indicating the beginning of the market cooldown, the price still remains in the elevated zone.
Typically, a score above 3.7 indicates that the market value is significantly above the realized value, which often precedes a market correction or decline. Therefore, the price is most likely to fall before the markets can return to health.
Source: Tradingview
Moreover, this shift into a correction phase can be further proven by a bearish crossover of two fronts. As such, a bearish crossover appeared on Stoch RSI and RVGI. When this crossover appears on Stoch, it suggests that the upside momentum has weakened and the price may fall.
This bearishness can be further confirmed by the bearish crossover on the Relative Vigor Index (RVGI).
Basically, bears enter the market and try to take over. If their efforts succeed, OM could see losses on its price charts. If the perceived bearish trend continues, OM could drop to $3.4. However, if the annual trend maintains its strength, the altcoin will regain the resistance at $4.0.