Mantra [OM] Price Prediction: Short Term Targets for Traders

• Whale activity shows strong interest, but unrealized losses increase uncertainty about OM's recent direction
• At the time of writing, OM is facing a critical support level at $6.10, with momentum forming for a potential recovery

In the past four days, 19 new wallets have withdrawn $61.52 million worth of Mantra [OM] Token from Binance – Representing approximately 3.4% of the total supply. These large withdrawals, executed at an average price of $6.82, have led to unrealized losses of $14.2 million, equivalent to -3.39%.

At the time of writing, OM is trading at $6.52, after declining 5.31% in the past 24 hours. The aforementioned whale activity is a sign of significant interest in OM. However, unrealized losses may indicate uncertainty and risk for investors.

OM Price Action – Key Levels and Predictions

OM's price at the time of writing appears to be consolidating within a symmetrical triangle. The price has been anchored around the $6.50 support level – A price level that has held firm in recent days. However, the resistance threshold remains at $6.16, preventing any significant price increases.

Source: TradingView

A breakout above this resistance could drive a price increase to the $8 range. However, failure to maintain the support level at $6.50 could push prices lower. Therefore, these key price levels will play a crucial role in determining OM's next move.

OM Address Statistics Surge – What Does This Mean?

OM also recorded a significant increase in new addresses, indicating substantial market interest. New addresses spiked by 159.49% and active addresses increased by 58.09% – A sign of more market participants at this time.

Source: IntoTheBlock

However, despite these numbers showing increased curiosity, the lack of corresponding growth in active addresses suggests a potential gap in long-term engagement. Therefore, this surge may be more speculative than sustainable, meaning it may not immediately lead to a price increase unless engagement is consolidated.

OM Global In/Out of the Money Address Data – What's Happening?

Looking at OM's global in/out of the money address data shows 59.59% of addresses are profitable, with most holders "in the money" at the time of writing. However, 31.72% of OM holders are "out of the money", meaning a significant portion of investors have experienced losses.

Source: IntoTheBlock

The large proportion of holders experiencing losses could create volatility as these individuals may want to exit or wait for a price recovery. Therefore, short-term price action is likely to be influenced by the efforts of those "out of the money" to break even.

Moreover, Open Interest in OM has decreased by 6.55%, suggesting a decline in market participation. This decline in Open Interest reflects a loss of trader confidence, especially with fewer participants betting on OM's future price action.

This could also mean that traders are cautious due to recent price volatility and current market uncertainty. A sustained decline in Open Interest could signify that market sentiment is broadly leaning negative.

Conclusion

At the time of writing, OM has certainly shown signs of growth, with strong whale activity and an increase in new addresses. However, it may touch the support threshold at $6.10 first, as it accumulates momentum for recovery.

If positive metrics continue, a price recovery may follow as OM pushes higher. The key will be whether it can maintain support and build enough momentum to overcome resistance levels in the coming days.