Mantra (OM) hits a new high
Mantra (OM) hit a new all-time high (ATH) earlier today. The data shows a marked increase in the number of active addresses.
OM briefly touched the ATH of $1.32 at around 01:15 UTC today. Despite the price correction, the asset is still up 21% over the past 24 hours and is trading at $1.28.
Notably, Mantra has recorded a 39% rise over the past seven days, leading the growth among the top 100 cryptocurrencies over the past week.
Moreover, OM's market capitalization surpassed the $1 billion mark, making it the 69th largest digital asset. Mantra's daily trading volume also increased by 266%, reaching $80 million.
According to data provided by Santiment, the number of active Mantra addresses has increased by 98% in the last 24 hours, from 157 to 310. This movement shows that some OM holders are taking short-term profits as the token remains in the growth zone.
Data from the market intelligence platform shows that Mantra's total open interest rose from $36.7 million to $45.3 million in the last day. When an asset's open interest suddenly spikes, high price volatility is usually expected due to increased liquidations.
According to Santiment, the overall funding rate aggregated by OM is hovering at negative 0.007%, indicating that short position holders are dominating over long position holders. At this point, traders are expecting a pullback, and further price increases could potentially bring at least $1.5 million in liquidations.
OM's Relative Strength Index (RSI) is currently at 77, according to Santiment. The indicator shows that Mantra is overbought at this price point.
If the RSI drops below the 50 mark, OM will be back in the growth zone.
