Crispus Nyaga
Mantra price joined other cryptocurrencies in a strong rebound this week as investors continued to buy the dip. The OM token jumped to a high of $0.9760 on Wednesday, its highest level since June 11th. It has risen by more than 3,670% from its lowest level this year, making it one of the top-performing coins in the industry.
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Real World Asset (RWA) tokenisation trend
The Real World Asset (RWA) tokenisation is one of the fastest-growing industries in the blockchain industry.Â
Most studies show that the industry could become a major disruptive force across most sectors, including finance, real estate, and entertainment.Â
In a recent study, analysts at BCG showed that sectors worth over $16 trillion could be tokenised.Â
This trend is already happening. For example, Blackrock has launched a tokenisation fund known as BUIDL that has attracted over $500 million in assets.Â
Swift, an organisation that moves billions of dollars each day, is working with Chainlink to tokenize the system. Other companies like Barclays, ANZ Bank, and JPMorgan are working on tokenised projects.
Mantra hopes to be the key RWA platform
Implementing good tokenisation will require a blockchain network that is fast and cost-efficient.Â
Mantra hopes to be this chain. It is the premier blockchain network on the Cosmos ecosystem that aims to help developers build tokenised platforms.Â
It has invested substantial resources to create a compliant platform with local laws and one that is highly secure.Â
Mantra has already started achieving results. Earlier this month, it inked a deal with MAG, a leading property developer in Dubai to tokenize its assets worth over $500 million.Â
Participants in this tokenisation process will receive a compliant reward structure, which is approximately 8%. These yields will be generated from stablecoins and further augmented by the MANTRA native token OM.
The first tranche of this process will be over-collateralized by a $75 million mansion within the Keturah Resort. This announcement came after Mantra signed a deal with Zand Bank to boost compliance in the UAE.
Mantra has also made important announcements recently. For example, earlier this month, the developers launched its $OM liquidity pool on the Base Blockchain. Base is one of the fastest-growing networks, which was launched by Coinbase.
Mantra also launched a RWA savings vault powered by Ondo’s USDY. USDY is a regulated stablecoin that provides rewards to users.Â
Mantra price forecast
The Mantra OM token has done well this year, helped by its over 21% staking yield. On the daily chart, we see that the token bottomed at $0.023 in December last year and has surged to almost $1 today.
Most recently, the token has found a strong support, which is shown in green. This support has connected the lowest swings since April and is a sign that short sellers are afraid of shorting it below that level.
Mantra has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA), which is a bullish sign. It has also risen above the key resistance point at $0.8190, its highest point on April 29th.
Meanwhile, the token has risen above the Woodie pivot point and is nearing the first resistance. Also, the Relative Strength Index (RSI) and the Stochastic Oscillator have also pointed upwards.
Therefore, the Mantra price will likely continue rising as buyers target the key resistance point at $1.00, which is a psychological point. A break above that level will lead to more upside, with the next point to watch being at $1.10, which is about 17.25% above the current level. On the flip side, the Mantra token price could drop and retest the support at $0.8190.Â
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