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Mantra Whale Accumulation Rises, But Is It Good News for OM?
As the cryptocurrency market continues to fluctuate, the recent whale accumulation of 20 million tokens in four days has left many wondering if this development signals a positive or negative trend for OM. With a significant increase in long-term belief, the whale’s actions have sparked both optimism and concern.
The whale’s position reflecting a floating loss of $4.7 million does not necessarily imply a bearish sentiment. Instead, it suggests that the whale is holding onto its position with conviction, potentially fueling further price growth. However, this accumulation has been met with uncertainty in the market, as traders seem to be hedging their positions by closing longs.
Liquidation data provides some insight into the current state of the market. With total liquidations reaching $338.22K and short liquidations at $10.07K, it is clear that traders have largely liquidated their long positions while holding onto their shorts. This imbalance could be a sign of market uncertainty, resulting in a potential correction.
Despite these mixed signals, OM’s on-chain data remains mostly bullish. The concentration of OM tokens has been found to be low at 0.13%, indicating a healthy distribution of holdings. Additionally, large transactions accounted for just 0.46% of total transactions, reinforcing the positivity surrounding the project.
However, when considering OM’s recent price action, concerns arise about the possibility of a bearish trend. The token has broken its rising wedge pattern and struggled to maintain above the $7 mark, ultimately dipping to $6.89 at press time. If this downward trend continues, support levels at $6.21 and $4.42 will be crucial in determining OM’s future trajectory.
In conclusion, while the whale accumulation demonstrates long-term conviction in OM, it appears that the current market correction is a more pressing concern for traders.
Source: https://ambcrypto.com/mantra-whale-accumulation-rises-but-is-it-good-news-for-om/
