Will Mantra Token Price Resume Uptrend?
OM, the native token of real-world assets (RWA) layer 1 blockchain Mantra, has surged, surging more than 30% in the past 24 hours. It hit an all-time high of $4.52 on Monday before falling back to the $4.20 it currently trades at.
Despite the impressive surge, on-chain indicators are showing signs that OM’s upward momentum may be slowing. Here’s why.
Mantra traders distribute for profit
Net flow of large OM households It has dropped over the past few days. According to IntoTheBlock, it fell 54% between November 14 and 17. This indicates less whale accumulation, which could put downward pressure on altcoin prices.
Large holders are addresses that control more than 0.1% of the asset’s circulating supply. The Net Flows metric measures the difference between the amounts bought and sold by these investors over a specific time frame.
A decrease in net flows indicates that whale addresses are reducing their positions, which is a bearish indicator that may signal increased selling pressure and increased risk of price declines.
Notably, the decline in net flows from large holders was accompanied by a surge in exchange supply, confirming the sell-off. According to Santiment data, Supply of OM on cryptocurrency exchanges It’s up 2% over the past three days. As of this writing, there are 134 million OM tokens held in exchange wallets, worth over $553 million.
When an asset experiences a supply surge on an exchange, it is a sign that more coins are moving from private wallets to exchange wallets. This suggests investors may be preparing to sell, leading to increased selling pressure. This trend is generally bearish, as increased supply in the market can lead to a potential decrease in price.
OM price prediction: Token has two options
at present, risk weighted assets assets The trading price is $4.20. If profit-taking continues, the Mantra token could lose its recent gains and could drop 15% to $3.56. If the bullish momentum weakens further at this level, strong support may not hold, which could lead to further losses towards $2.80.
On the contrary, a Buying pressure rises again It could push the coin back to its all-time high of $4.52 and possibly even higher.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
