Mantra (OM) Price Surges 159% Amid $1.51 Billion Crypto Liquidations
In the past 24 hours, liquidations in the crypto market reached $1.51 billion as total market cap fell to $2.86 trillion. Despite this decline, Mantra (#OM) showed resilience.
Mantra's Price Surge
Mantra's price increased from $3.50 to $9.11, marking a 159% rise. However, it experienced a correction of 5.5% recently, with an intraday pullback of 3.05% noted.
Technical Analysis
- The price struggles to maintain above the Fibonacci level of $8.2423.
- EMA lines indicate a bullish trend despite the short-term pullback.
- The RSI has dropped below overbought levels, suggesting increased supply pressure.
On-Chain Data Insights
Transaction volume surged from $128.3 million to $991.7 million, indicating strong market traction. Approximately 91.44% of the OM token supply remains profitable. However, if prices drop below $7.34, significant sell-offs may occur.
Derivatives Market Overview
- Open Interest decreased by 4.73% to $338.81 million.
- Funding rates turned positive at 0.3432%, hinting at a sentiment shift.
- Liquidations under $1 million indicate limited speculative activity.
- The long-to-short ratio stands at 0.9459, showing mixed market sentiment.
Future Price Projections
Key targets include $10.51 and an optimistic $14.32 at the Fibonacci extension level. Support levels are set at the 20-day EMA ($7.09) and the 50-day EMA ($6).