As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have learned to read between the lines and interpret market trends based on historical patterns and current indicators. The rapid rise of Mantra (OM) has been nothing short of remarkable, and its impressive performance over the past 12 months is a testament to the potential this project holds. However, the recent selling activity by some whales raises concerns about the sustainability of the rally.
The upward surge in Mantra’s token prices began to slow down as certain large investors (whales) decided to offload their tokens, following a period where the market was heavily overbought.
On Monday, the price of Mantra (OM) token reached an all-time high of $4.5260 before slightly dipping to $4.3. Despite this minor dip, it continues to be one of the top-performing cryptocurrencies, with a staggering increase of nearly 20,000% in the past year. This remarkable growth has increased its market capitalization to a whopping $3.8 billion.
Mantra’s rally was spurred by hints dropped by its creators regarding a major forthcoming revelation. The exact nature of the information wasn’t disclosed, but there’s buzz that it might entail a substantial collaboration with a prominent corporation.
This anticipated announcement comes a month after Mantra launched its mainnet, enabling developers to build tokenized projects in industries such as real estate and finance. While similar capabilities exist on other blockchains like Ethereum and Solana, Mantra has positioned itself as a leading chain for these sectors.
It appears that certain Mantra whales are cashing out by offloading their tokens. One whale moved OM tokens worth approximately $1.3 million to Binance, and another transferred tokens worth around $534,000 to OKX.
As a crypto investor, I’ve noticed from LlamaFeed’s data that transactions worth more than $10 million have taken place in the last 24 hours. Interestingly, the largest seller moved tokens valued at approximately $3.6 million and paid a transaction fee of around $0.82 for it.
According to Nansen’s data, the trading volume for Mantra tokens has grown by approximately 10% in the last seven days, reaching a value of over $158 million. At present, about 17.8% of all OM tokens are being stored on exchanges, marking an uptick of around 1.52% compared to the week before.
Mantra price gets overbought
In the past few days, the value of OM tokens has skyrocketed dramatically. On a daily scale, the Relative Strength Index (RSI) has soared to an excessively high level of 92. Additionally, both the Stochastic Oscillator and the Percentage Price Oscillator have also reached 92, indicating sharp increases in price.
It’s quite possible that the value of the token will decrease substantially when its momentum weakens. If this happens, Mantra’s price might fall to around $1.6, which was its peak on October 15 – a 62% decrease from its present value.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- XRP Price Eyes $2 Support Level Amidst Market Correction
- OREO Unveils Six New Products for 2025
- PYTH PREDICTION. PYTH cryptocurrency
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- TROTOAR Gallery Bridges Local and Global Art with ‘That’s What’s Up!’
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- ‘Brides’ Finds a Distributor in Neon for Latest New Vampire Horror Movie
2024-11-18 18:36