Bitcoin
Mantra Up 22% Despite Bitcoin Selling Pressure, Multiverse Shines
Mantra (OM) is up more than 8% in the past 24 hours amid broader cryptocurrency market volatility.
Mantra’s high moment
The Relative Strength Index (RSI) indicates upward price movement in the neutral zone, suggesting non-overbought potential.
Furthermore, the Moving Average Convergence Divergence (MACD) signaled bullish sentiment as the signal line crosses above the MACD line.
Market sentiment around Mantra remains positive, highlighted by a 7.9% increase in 24-hour trading volume, totaling over $50 million worth of OM tokens traded. This increase underscores growing investor confidence in the project’s growth prospects.
OM technical data signals further price increases for the asset in the short term. Projections for 2024 set a price target around $1.24, with optimistic scenarios suggesting highs of up to $1.45.
Mantra’s current market cap stands at $703.4 million, backed 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, which represents an increase of over 22% in the last 14 days, according to data from CoinGecko.
Multiverse defies bearish trends
MultiversX (EGLD), the native token of the Elrond blockchain, is trading at $33.5, marking a 3.5% increase in the last 24 hours.
The token maintains a market cap of $921.68 million and a robust daily trading volume of over $45 million.
The moving averages still indicate an uptrend as 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 drops recorded by Bitcoin (BTC) and other established crypto assets.
As reported According to crypto.news, the German government is liquidating over 50,000 BTC confiscated from the illegal online piracy platform Movie2k several years ago.
The sell-off began on June 19, with a transfer of 1,500 BTC to exchanges such as CoinbaseBitstamp and Kraken.
Last month, the government sold over 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, recently reports indicate a temporary halt in the German government’s Bitcoin sales. On-chain analysis reveals no further transfers from the government-linked wallet to exchanges in the past week.
At the time of printing, Bitcoin (BTC) the price is hovering around the $57,754 region, representing a 5.2% decline this week.