Mantra OM rises 15% amid whale accumulation, recovery
The Most Important Points in Brief
- Mantra OM (OM) saw a price increase of 15% within 24 hours.
- Strong accumulation by whales could support the upward trend.
- The price recovered after a 24% drop in mid-October.
- Technical indicators suggest a possible continuation of the recovery.
Mantra OM: Strong Accumulation by Whales
Mantra OM (OM), an altcoin in the DeFi (Decentralized Finance) space, experienced a significant 15% price increase in the last 24 hours. This increase follows a period of heightened accumulation by so-called “whales”—large investors who hold and trade significant amounts of cryptocurrency. A well-known whale, who had been inactive for seven months, recently withdrew OM worth $3.8 million from the crypto exchange Binance. This movement signals renewed interest in the cryptocurrency, potentially leading to further price gains.
Technical Analysis: Support at the 50%-Fib Level
In mid-October, OM saw a 24% drop, but it was cushioned at the 50%-Fib level (Fibonacci retracement) at around $1.20 USD. This level is near the dynamic support of the 50-day EMA (Exponential Moving Average), making it an important short-term support area. If OM continues its recovery, the price could reach the recent high of $1.60 USD, offering a further 13% upside potential. The Stochastic RSI, a technical indicator that measures overbought and oversold conditions, also indicates a possible trend reversal, as it has moved out of the oversold zone.
However, if the price falls below the 50%-Fib level, it could invalidate the bullish outlook. In that case, a decline to $1.00 USD would be likely.
Reduced Selling Pressure Strengthens Recovery Prospects
Data from Santiment, a blockchain analytics platform, confirms the increased accumulation of OM. Over the past five days, more than 5 million OM have been withdrawn from exchanges, indicating reduced willingness to sell. At the same time, the amount of OM on exchanges has significantly decreased, further reducing selling pressure. This trend could pave the way for a sustainable recovery in OM’s price.
The futures market also shows increasing interest in OM. Trading volume surged by over 700%, while open interest (OI)—the number of open futures contracts—rose by 51%. This suggests that speculative investors are betting on further price increases.
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Bitcoin as a Key Factor
While the technical and fundamental data for OM are positive, the future price movement may also depend on external factors, particularly the performance of Bitcoin. Bitcoin still dominates the crypto market, and its price movements often have a significant impact on other cryptocurrencies. With the upcoming U.S. elections and potential regulatory changes, Bitcoin could play a crucial role in the coming weeks.
Our Assessment
The recent accumulation of Mantra OM by whales and the reduced selling pressure on exchanges suggest a potential continuation of the recovery. Technical indicators like the Stochastic RSI and support at the 50%-Fib level reinforce this outlook. However, Bitcoin’s performance remains a key factor that could influence OM’s price trajectory. Investors should closely monitor market developments and adjust their decisions accordingly.
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