tl;dr
OM, the native token of the RWA blockchain Mantra, surged over 30% in the last 24 hours to reach a new all-time high of $4.52 before pulling back to $4.20. On-chain indicators suggest that OM's upward momentum may be slowing due to a decline in large holders' netflow by 54% and a 2% increase in supp...
OM, the native token of the real-world asset (RWA) Layer-1 blockchain Mantra, surged over 30% in the last 24 hours, hitting a new all-time high of $4.52 before pulling back to $4.20.
OM’s upward momentum may be slowing as on-chain indicators point to reduced whale accumulation and increased selling pressure, with a potential 15% drop to $3.56 if profit-taking continues.
A decline in large holders’ netflow and a spike in exchange supply indicate heightened risk of a price drop, potentially leading to a deeper decline toward $2.80, while a resurgence in buying pressure could drive the token back to its all-time high of $4.52 and beyond.
OM, the native token of the RWA blockchain Mantra, surged over 30% in the last 24 hours to reach a new all-time high of $4.52 before pulling back to $4.20. On-chain indicators suggest that OM's upward momentum may be slowing due to a decline in large holders' netflow by 54% and a 2% increase in supply on exchanges. This could lead to increased selling pressure and a potential price drop. The token currently trades at $4.20, with a possibility of dropping 15% to $3.56 if profit-taking continues, or a resurgence in buying pressure could drive it back to its all-time high and beyond.
OM, the native token of the real-world asset (RWA) Layer-1 blockchain Mantra, saw a substantial rally, surging over 30% in the last 24 hours. It hit a new all-time high of $4.52 on Monday before pulling back to $4.20, where it currently trades. Despite the impressive surge, on-chain indicators point to signs that OM’s upward momentum could be slowing. Here’s why. MANTRA TRADERS DISTRIBUTE FOR PROFIT OM’s large holders’ netflow has declined over the past few days. According to IntoTheBlock’s data, it fell by 54% between November 14 and 17. This indicates reduced whale accumulation, which could exert downward pressure on the altcoin’s price. Large holders are addresses that control more than 0.1% of an asset’s circulating supply. The netflow metric measures the difference between the amount these investors buy and sell over a specific timeframe. Sponsored Sponsored A decline in netflow suggests that whale addresses are reducing their positions, a bearish indicator that may signal increased selling pressure and a heightened risk of a price drop. OM Large Holders' Netflow. OM Large Holders’ Netflow. Source: IntoTheBlock Notably, this decline in large holders’ netflow has been accompanied by a spike in exchange supply, confirming the selloffs. According to Santiment’s data, OM’s supply on cryptocurrency exchanges has increased by 2% over the past three days. As of this writing, 134 million OM tokens valued above $553 million are held within wallets on exchanges. When an asset experiences a spike in supply on exchanges, it indicates that more tokens are being moved from private wallets to exchange wallets. This suggests that investors may be preparing to sell, leading to increased selling pressure. Such a trend is typically bearish, as it can result in a potential price decline due to heightened supply on the market. OM Supply on Exchanges. OM Supply on Exchanges. Source: Santiment OM PRICE PREDICTION: TOKEN HAS TWO OPTIONS Currently, the RWA asset trades at $4.20. If profit-taking continues, the Mantra token could lose its recent gains, potentially dropping 15% to $3.56. Should bullish momentum weaken further at that level, it may fail to hold as strong support, potentially leading to a deeper decline toward $2.80. OM Price Analysis. OM Price Analysis. Source: TradingView Conversely, a resurgence in buying pressure could drive the token back to its all-time high of $4.52 and possibly beyond. Top crypto projects in the US | November 2024 Coinbase Coinbase Explore Coinrule Coinrule Explore Uphold Uphold Explore 3Commas 3Commas Explore Chain GPT Chain GPT Explore Top crypto projects in the US | November 2024 Coinbase Coinbase Explore Coinrule Coinrule Explore Uphold Uphold Explore 3Commas 3Commas Explore Chain GPT Chain GPT Explore Top crypto projects in the US | November 2024 Coinbase Coinbase * Coinrule Coinrule * Uphold Uphold * 3Commas 3Commas * Chain GPT Chain GPT *