Mantra surges 22% despite Bitcoin sell pressure, Multiverse shines

Mantra (OM) is up over 8% in the past 24 hours, amid broader crypto market volatility.

Mantra’s bullish momentum

The Relative Strength Index (RSI) indicates upward price movement in the neutral zone, suggesting potential without being overbought.

Additionally, the Moving Average Convergence Divergence (MACD) has signaled bullish sentiment as the signal line crosses above the MACD line.

Market sentiment surrounding Mantra remains positive, highlighted by a 7.9% surge in 24-hour trading volume, totaling over $50 million in OM tokens traded. This uptick underscores increasing investor confidence in the project’s growth prospects.

OM’s technical data signals further price increases for the asset in the short term. Projections for 2024 set a price target of around $1.24, with optimistic scenarios suggesting highs up to $1.45.

Mantra’s current market capitalization is $703.4 million, supported by a circulating supply of 831.3 OM tokens. These figures underscore MANTRA’s robust foundation for sustained growth in the cryptocurrency market.

At the time of writing, MANTRA (OM) is trading at $0.8575, representing an over 22% rise over the past 14 days, according to CoinGecko data. 

Multiverse defies bearish trends 

MultiversX (EGLD), the native token of the Elrond blockchain, is priced at $33.5, marking a 3.5% rise 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.

The moving averages still indicate a bullish trend, 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 short-term consolidation or correction potential.

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

As reported by crypto.news, the German government has been 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.