TL;DR

Mantra (OM) surged nearly 15% in the past week, outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) during a market correction. Analysts suggest OM could reach new highs if it breaks key resistance levels, supported by strong RSI and MACD indicators signaling continued upward momentum.

The Top Performer

Mantra (OM) the second-largest real-world asset (RWA) in terms of total market capitalization is among the best-performing cryptocurrencies in the past week. Its price is up almost 15% for that period, outpacing Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and many more, which remain deep in the red as a result of the severe correction witnessed a few days ago.

OM Price, Source: CoinGecko According to some analysts, OM can record additional gains in the near future. One X user claimed the tokens value could spike to a new all-time high of $1.20 should it break above the major resistance level of $1.05. The $0.55-$0.60 range was depicted as a support zone.

Certain metrics also signal that OMs rally is far from being over. The Relative Strength Index (RSI) measures the speed and change of price movements and is currently set at around 60. A ratio of over 70 is considered bearish since it indicates overbought conditions.

Another technical analysis tool worth observing is the Moving Average Convergence Divergence (MACD). It identifies potential buy and sell signals, and according to TradingViews data, it is currently positioned in the buy area. 

Crypto Markets Still Overcoming the Latest Crash

As mentioned above, not all cryptocurrencies are in the green like Mantras OM. Recall that Bitcoin (BTC) tumbled below $54,000 on July 5 (the lowest level in five months), while Ethereum (ETH) plunged under $2,900. Both assets have rebounded from what seemed like their local bottoms and are currently worth around $55,600 and $3,100, respectively.

Ripples XRP performed even worse, crashing to a one-year low of $0.39. In the following days, it erased some of the losses, with its value rising above $0.43 (a 10% decline on a weekly scale).