Whale capitulation and majority losses among holders are continuing to suppress the potential for recovery in the Mantra (OM) token. A recent significant move saw a whale depositing 10.42 million OM tokens worth $2.17 million into Binance, resulting in an $8.34 million realized loss. This event has sparked debate as to whether it signifies panic selling or strategic repositioning, but the size of the dump has intensified short-term bearish sentiment.
At present, 95.46% of OM addresses are underwater, with only 4.47% holding profitable positions. This skewed ratio indicates widespread unrealized losses, making any potential upward move face significant resistance as holders look to break even. This situation typically leads to distribution phases where minor rallies are sold into, potentially keeping OM’s recovery potential muted for the time being.
The Relative Strength Index (RSI) for OM is currently deep in oversold territory at 20.48, while the Moving Average Convergence Divergence (MACD) is showing a weak bullish crossover attempt without strong follow-through. These indicators suggest prolonged bearish momentum, with the RSI struggling to reclaim the 30 level, indicating continued market weakness. While oversold readings can hint at possible bounces, the lack of buying conviction on the MACD calls for caution over optimism.
The 90-day Futures Taker Cumulative Volume Delta (CVD) for OM shows sustained sell-side dominance, with aggressive market sell orders outweighing buys. This trend aligns with the recent whale outflow and reinforces bearish sentiment. Without a shift in taker behavior, continued downside seems likely, potentially suppressing spot price recovery due to increased short exposure.
Despite a 15.79% increase in new wallet addresses, daily active addresses for OM have fallen by 4.89%. This divergence suggests speculative interest rather than genuine engagement, indicating that market growth may be superficial at this stage. Without increased activity from newly onboarded users, OM risks stagnation as short-term interest fades.
While the deeply oversold RSI and rising new wallet growth offer some hope for a potential bounce back, bearish dominance across taker volume, heavy unrealized losses among holders, and recent whale capitulation point to sustained downside risk for OM. Recovery may require a strong narrative shift or a market-wide rebound to regain traction. Until then, traders may continue to face significant resistance at every bounce attempt in the near term. a different perspective on the same topic:
Title: The Importance of Cultivating Emotional Intelligence in the Workplace
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