Oct 7, 2024
6thTrade
OM's Remarkable Rally: New All-Time High and Strong Market Indicators Signal Promising Growth
OM, the native token of the real-world asset (RWA) Layer-1 blockchain MANTRA, has made an impressive leap, reaching a new all-time high of $1.45. With a 7% price increase in just the past 24 hours and a trading volume surge of 78%, totaling $40 million, OM is showing undeniable strength amidst an otherwise challenging market environment. This consistent upward momentum has propelled the token’s value by an astonishing 63% over the past 30 days, defying broader market trends that have seen most assets struggle for gains. $OM
Strong Volume Growth: Increased Market Engagement
The surge in trading volume is one of the strongest indicators of market enthusiasm surrounding OM. Recent data shows that OM’s volume increased by +93.13%, reaching $103.52 million. Volume spikes like this reflect a renewed interest in the token, suggesting that a growing number of participants are becoming increasingly active and invested in OM. When trading volumes nearly double in such a short time, it’s a powerful sign that the market is positioning itself for further growth.
Open Interest Expansion: Positive Market Sentiment
Another key metric pointing towards the bullish sentiment is the growth in open interest, which is up 5.82%, now standing at $32.93 million. Open interest measures the total number of outstanding derivative contracts, and an increase typically implies that traders are adding positions, expecting future price movements. This expansion in open interest is a bullish indicator, signaling that participants are confident about OM's continued ascent.
The Long/Short Ratio over the last 24 hours, standing at 1.0864, further supports this sentiment. A ratio above 1 indicates that more traders are betting on the price rising rather than falling. The balance is in favor of the bulls, suggesting a collective market expectation that OM is positioned to continue its upward journey.
Technical Analysis: OM's Bullish Signals
The recent price action places OM significantly above its 20-day exponential moving average (EMA), a key indicator used by many to determine the prevailing market trend. Currently trading at $1.45, OM is well above the 20-day EMA, signifying that the asset is in a strong uptrend and that buyers are in control. Such a bullish position against the moving average tends to draw even more interest from both institutional and retail traders, who see this as an entry point for potential gains.
The technical chart for OM paints a very positive picture. The “cup and handle” formation visible over the past few months—an often-used technical pattern—has resolved with a sharp breakout, which is considered a very bullish sign. This breakout signifies a period where significant accumulation took place, followed by the recent explosive price action driven by increased buying pressure.
Rekt Data: Short Sellers Feeling the Heat
The market data shows that, over the past 24 hours, total liquidations amounted to $770.73K, with $763.19K of that being from short positions. This imbalance suggests that bears have been largely caught off guard by the rapid price rally, resulting in a large number of forced exits from their positions. The liquidation of short positions during a price surge often triggers even further upward momentum—a phenomenon known as a "short squeeze." This recent squeeze not only underscores OM's bullish momentum but also has the potential to fuel even further gains in the near future.
On the derivatives front, the short positions being liquidated indicate that those betting against OM are increasingly facing challenges, while bulls continue to solidify their control. The confidence demonstrated by the buyers, even during market pullbacks, speaks volumes about the underlying strength of the asset.
Community and Ecosystem Growth: Driving Real Value
MANTRA’s strategy of emphasizing real-world asset integration, combined with the increasing visibility of OM in the DeFi ecosystem, sets the token apart from the broader crypto market. With developments aimed at building substantial use cases and an active, supportive community, the overall sentiment surrounding OM remains highly optimistic.
Recent product rollouts and strategic partnerships have contributed to the uptick in market activity. By expanding utility and demonstrating real-world applications, MANTRA has built a framework that not only attracts investors but also creates genuine value and long-term engagement.
Conclusion: OM's Path Ahead Looks Bright
OM has made a significant leap, reaching a new all-time high and demonstrating strong technical and fundamental signals for further growth. The substantial increase in both trading volume and open interest, combined with the positive long/short sentiment, paints an undeniably optimistic picture. The strong bullish signals, supported by technical indicators like the breakout above the 20-day EMA and the classic cup-and-handle pattern, suggest that OM is poised to continue this impressive rally.
The liquidation of short positions and the strong buying pressure are helping OM maintain its upward trajectory. With the MANTRA community firmly behind it and a clear emphasis on building sustainable value, OM is not just riding a wave—it’s carving out a powerful position for itself in the blockchain and DeFi world.
With such momentum, OM looks well on its way to conquering even greater milestones in the weeks to come. As it continues to outpace the broader market, the next big question is: how far can OM climb, and could this be just the beginning of a much larger move?
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
