MANTRA (OM) Faces Selling Pressure as Whale Offloads $37.75MWill $7.30 Support Hold?
- Manifold Tradings OM exit locks in a massive 134x return on investment.
- MANTRA struggles at $7.30 support as selling pressure and volume decline persist.
- RSI nears overbought, while MACD hints at slowing bullish momentum for OM.
Manifold Trading recently moved its remaining 5 million MANTRA tokens, worth approximately $37.75 million, to Binance. According to OnchainDataNerd, this marks the final phase of its investment strategy, which began nine months ago with an accumulation of 9.33 million OM tokens for just $378,000.
Since then, the trader sold 4 million MANTRA for $13.27 million. If the remaining 5 million OM are sold at the current price of $7.37, the total profit would reach $50.64 million, delivering an impressive 134x return on investment.
Key Price Levels and Market Trend
OM has faced selling pressure, dropping 2.93% in the last 24 hours. The tokens price remains in a short-term downtrend, characterized by lower highs and lower lows. A key support level has formed at $7.30, which has held against recent declines.
However, a break below this level could trigger a deeper pullback toward $7.20. On the upside, MANTRA faces immediate resistance at $7.60. If the price can surpass this level, it may target the $7.75-$7.80 range.
Market Sentiment and Trading Activity
The decline in MANTRAs price aligns with a broader drop in trading activity. Trading volume has fallen significantly, plunging 58.77%, indicating weaker momentum. Additionally, the tokens market capitalization is down 2.90%, reflecting continued selling pressure.
Coinglass data indicate that the derivatives market has also weakened, with trading volume down 52.30% to $285.24 million, while open interest decreased by 8.40% to $429.70 million. This suggests a cautious stance among traders as they await further price action.
Technical Indicators and Future Outlook
OM/USD daily price chart, Source: Trading view
The Relative Strength Index (RSI) currently stands at 69.20, hovering near the overbought territory. This suggests that while bullish momentum persists, a period of consolidation or a minor pullback could occur before another leg up.
The Moving Average Convergence Divergence (MACD) presents a bullish crossover, with the MACD line at 0.7530 above the signal line at 0.6717. However, the flattening histogram at 0.0813 suggests momentum may slow down.
Read more: https://www.tronweekly.com/mantra-om-faces-selling-pressure-as-whale/
Text source: TronWeekly
