Can MANTRA (OM) Price Rebound 50% from the Lows?
Highlights
- MANTRA's price has crashed 94%, but a potential 328% rally to $1.594 is possible if the weekly buy-side imbalance zone holds.
- The team has announced that the incident was not caused by advisors or investors selling tokens, and tokenomics remain intact.
- Updates from the team and further price action development will be crucial in determining MANTRA's potential recovery rally.
After a 94% crash in MANTRA’s price, OM currently trades at $0.618, up 3.71% today. Let’s explore OM price prediction and if there’s a chance of a 50% rebound after the recent crash.
The price outlook for OM is different than the rest of the altcoins due to the reason for its crash. Many attribute insider dumping to the sudden plummet in MANTRA’s value. Regardless, here’s what investors can expect as the dust settles after a brutal selloff.
OM Price Prediction: Can MANTRA Bounce 50% From Lows?
The weekly chart shows OM Price drop ended as it hit the weekly buy side imbalance, extending from $0.380 to $0.540. If this key zone holds, investors can expect bullish reversal.
In such a case, the midpoint of the 94% crash is $1.594, which would mean an OM price would need a 328% rally to reach it. While this target might seem unreachable and this bullish MANTRA price prediction unlikely, investors need to note that the altcoin has already bounced 65% from the bottom.
Can MANTRA Price Catalyze a Recovery Rally?
The daily chart shows oversold RSI and steep red histograms, both of which reflect the recent sell-off. A few more days to let the price action at the bottom develop will suggest if there’s a possibility of a 328% rally to $1.594.
One catalyst could turn this bullish reversal dream into reality – an official announcement of why MANTRA price crashed and fixes or steps from the project to make investors whole or plans to prevent it from happening again.
These two steps from the OM team could rebuild trust and lead to a potential rally that leads to a MANTRA price recovery rally to $1.594.
So far, the team has announced that this event happened during “low liquidity hours on Sunday,” and that this was the doing of team members.
“To be clear, this dislocation was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA’s investors selling tokens. Tokens remain locked and subject to the published vesting periods. OM’s tokenomics remain intact, as shared last week in our latest token report. Our token wallet addresses are online and visible.”
Additionally, the improvement in Bitcoin’s outlook and a retest above $90K could further help boost OM’s bias as well.
To conclude, the OM price action needs a few more days to develop before technical analysis or price prediction can be done clearly. In the mean time, updates from the team could also help boost the price of MANTRA higher.
Frequently Asked Questions (FAQs)
1. Can MANTRA price rebound 50% from the lows?
2. What triggered the recent crash in MANTRA's price?
3. What could catalyze a recovery rally for MANTRA?
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