The real-world asset tokenization platform MANTRA has shown significant price growth due to a new partnership with DAMAC Group.
MANTRA Price Surge
The price of MANTRA token increased by over 50% in the past week, reaching an all-time high of $5.87 on January 31. Currently, MANTRA is trading at $5.47, with a market cap of $5.27 billion, reflecting a 14.99% increase. The trading volume also rose significantly by 176.75%, reaching $503.91 million.
Partnership with DAMAC Group
DAMAC Group, a luxury real estate firm from Dubai, plans to tokenize its assets on the MANTRA platform this year. This move aims to provide investors with greater transparency, security, and accessibility. JP Mullin, co-founder and CEO of MANTRA, views this partnership as a significant endorsement for the real-world asset tokenization industry.
Technical Analysis and Forecasts
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, suggesting a potential upward trend. Technical indicators show more bullish signs as well. The Relative Strength Index (RSI) is at 69.14, indicating that OM is approaching overbought territory.
MANTRA is showing positive momentum due to strategic partnership, supported by technical indicators. The development of collaboration with DAMAC Group may strengthen MANTRA's position in the market.
