- Mantra OM pumped 15% amid renewed interest from whales.
- There has been a strong accumulation trend in the past week amid its pullback.
As a seasoned analyst with over a decade of experience in the crypto market, I’ve witnessed countless bull runs and bear markets. The recent 15% pump in Mantra OM (OM) has caught my attention, especially given the renewed interest from whales. This is reminiscent of the old saying, “When whales sneeze, small fish get wet.
The mantra “[OM]” seemed poised to recoup the 24% loss experienced during the mid-October downturn, and it surged by 15% over a 24-hour period due to increased buying from a well-known large investor or whale.
As reported by Spot On Chain, it appears that a savvy investor has resumed their altcoin accumulation following a hiatus of seven months. This influential figure withdrew approximately $3.8 million worth of OM from Binance, potentially standing to gain an additional $15 million in profits if the current market trends hold true. The question remains: Will other investors follow this example and contribute to the continuation of the upward trend?
Mantra OM defends 50% Fib level
The 24% pullback in mid-October eased at the 50% Fib level ($1.2).
The level was nearly touching the 50-day Exponential Moving Average (represented by the blue line), thus serving as a crucial short-term foundation for potential price stabilization.
If OM reaches its previous peak of $1.6, there’s a possibility for additional returns amounting to 13%. The stochastic RSI indicator suggests this potential rise, as it has moved out of the oversold region, hinting at a possible change in trend direction.
But if the price falls below the 50% Fibonacci level, it would contradict the earlier bullish predictions. If this happens, Om’s price might drop even more, potentially reaching the $1 mark.
Mantra OM sees renewed accumulation
According to Santiment data, it appears that the recent update on the Spot On Chain has led to an increased accumulation of Mantra OM. In the last five days, over 5 million Mantra OM have been transferred out of exchanges, as indicated by a significant increase in Supply Outside of Exchanges.
In other words, speculators seized the dip in mid-October and further accumulated OMs as we speak.
Moreover, during that span, the amount being offered for sale on exchanges dropped significantly. This suggested less selling pressure, potentially setting the stage for Oil and Gas company stocks to rebound in price.
The same sentiment was evident in the Futures market. OM’s volume was up over 700%, while Open Interest (OI) surged 51%, indicating increased speculative interest in the derivatives market. This could boost the altcoin’s recovery prospects.
Read Mantra [OM] Price Prediction 2024-2025
Essentially, OM might speed up its recuperation due to a notable increase in buying interest and decrease in selling activity. Yet, the behavior of other altcoins could hinge on the upcoming trend of Bitcoin [BTC], particularly in relation to the US elections.
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2024-10-29 02:15