MANTRA DAO (OM) Price Analysis: OMUSD Rallies 80% In Three Weeks, Any Weekly Close Above $1.20 Confirms Further Bullishness

MANTRA DAO is a decentralized application built on Rio Chain, a Substrate-based blockchain infrastructure that is interoperable with the Polkadot network.

MANTRA DAO is a dApp built on Rio Chain, a Substrate-based blockchain infrastructure that is interoperable with the Polkadot network. The MANTRA DAO platform consists of three main components:

1. A savings and lending platform whereby depositors can earn interest on their pooled digital assets.

2. A governance token called OM which confers its holders’ voting power over certain economic parameters such as interest rates, inflation and deflation levels.

3. A reputation protocol called KARMA which A) weighs the voting power of OM token holders proportionally to certain measurable metrics. B) increases the chances of OM token holders benefiting from various financial incentive schemes.

Among the assets that performed well this week was OMUSD. Any weekly close above $1.20 will confirm further bullishness in the pair.

A glance at the technicals reveals that OMUSD has surged more than 80% in the past three weeks. It has been trading above the short-term (21 and 55 EMA) and the long-term moving average. The pair hit a high of $1.154 and is currently trading around $0.9860.

A bullish invalidation can be expected if the pair closes below $0.580. On the lower side, the near-term support is at $0.80. Any break below will have a target of $0.58. Any breach below $0.58 will aim for $0.30.

The pair's near-term resistance is at $1.20. Any close above will confirm minor bullishness. A jump to $1.50/$1.75 is possible. A surge past $1.75 will take it to $2.

It is best to buy on dips around $0.80 with SL at $0.58 for TP of $1.25/$1.50.

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