MANTRA (OM) Token Price Plunges 90% in 24 Hours as Liquidation Frenzy Triggers Bearish Breakdown
- MANTRA’s OM token has plunged 90% in just 24 hours, currently priced at $0.7113.
- RSI at 15.86 signals extreme selling pressure as MACD further supports the dip.
- Volume surges 2954% as OM drops from $6.27 to $0.4222.
MANTRA, a DeFi platform that uses blockchain tech to provide various financial services like staking and lending is under the watch. According to the latest reports, OM token is now down by over 90% in both its market cap and 24-hour price change. It is notable that the price dipped from an initial exchange value of $6.27 before relaxing its downward trajectory near the $0.71 range. Additionally, the fully diluted valuation read at a price value of $1.42 billion, while the volume-to-market cap ratio reached 280.01%.
As reported in an earlier piece, this follows a massive dip linked to a reckless liquidation of its held supply leading to a huge market cap decline in just a day. The recent development is under watch, with many community observers at a crossroads in terms of whether the token will rebound following the sharp downward pressure.
MANTRA Technical Analysis: RSI Hints Oversold as MACD Confirms Downtrend
Tracking the current market performance, a technical analysis chart on TradingView for MANTRA/USDT displays a bearish reversal, as shown by both the MACD and RSI indicators.
The RSI Index has plunged to 15.86, which is deeply within the oversold zone. This level indicates extreme bearish momentum and potential exhaustion of selling pressure. It is notable that RSI’s failure to hold the neutral 50 zone earlier this month signaled fading bullish momentum, which followed this crash.
Meanwhile, the MACD paints a grim picture. The MACD line has reached a low of 0.5244, while the signal line is at 0.2980. The relative strength displayed by the histogram continues to be negative at -0.2264 thus supporting the bearish outlook. The widening gap between the MACD and signal line highlights accelerating downward momentum. Based on the current market action, a confirmed reversal will require RSI to move above 30 and MACD to begin convergence. Until then, the prevailing trend remains bearish
OM Falls 87% to $0.78 as Volume Soars 2954% in 24 Hours
At the time of press, CoinMarketCap data indicates that MANTRA (OM) recorded a 90% price drop in the past 24 hours, reaching $0.7718. Additionally, the market cap fell to $7.55 million, representing an identical percentage loss. The token’s 24-hour volume rose sharply to $2.21 billion, increasing by 2954.28%. The price stood at $0.7113 with $2.16 billion in volume.
The price chart shows a sharp decline from $6.27, occurring in a short time before stabilizing near $0.72. The total supply is currently 1.81 billion OM, while the circulating supply is around 969.3 million OM. The fully diluted valuation (FDV) is at $1.42 billion, while the volume-to-market cap ratio reached 280.01%.
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