The real-world asset (RWA) tokenization platform MANTRA (OM) has seen a significant price increase of over 50% in the past week. On January 31, it reached an all-time high of $5.87. This surge is linked to a new partnership with DAMAC Group, a luxury real estate firm in Dubai.
Currently, MANTRA is trading at $5.47, with a market cap of $5.27 billion, reflecting a 14.99% increase. The trading volume has also risen dramatically by 176.75%, reaching $503.91 million. The Market Cap ratio is at 9.35%.
DAMAC Group plans to tokenize its assets on the MANTRA Chain this year. This move aims to provide investors with better transparency, security, and accessibility. JP Mullin, co-founder and CEO of MANTRA, views this partnership as a significant endorsement for the RWA industry.
The trading chart indicates critical support at $4.63 and resistance at $5.87. If the price surpasses this resistance, it may reach $6.50. However, if it falls below support, it could drop to $4.50. The bullish sentiment is supported by a golden cross, where the 9-period moving average has crossed above the 21-period moving average, suggesting a potential upward trend.
Technical indicators show more bullish signs. The Relative Strength Index (RSI) is at 69.14, indicating that OM is approaching overbought territory.
