The post MANTRA price crushes below $0.4 as RSI hits 17 appeared on BitcoinEthereumNews.com.

The MANTRA protocol’s token, OM, has once again fallen below the $0.40 mark, raising concerns among traders as technical indicators suggest strong selling pressure. The MANTRA price dip follows weeks of volatility. MANTRA (OM) is down 6.2% in the past 24 hours and nearly 94% over the past month. After a strong Q1 performance, the Apr. 13 MANTRA token crash saw the token drop from around $6.30 to $0.37 in a matter of hours. The market capitalization of MANTRA fell from $6 billion to less than $700 million.  The project attributed the collapse to forced liquidations that occurred during weekend trading hours when there was little liquidity. The team denied that Binance was involved, but no specific exchange was mentioned. In addition to denying reports of insider selling, CEO John Mullin released on-chain data demonstrating that team-held tokens remained locked. To calm the market, Mullin pledged to burn 150 million of his staked OM tokens, part of the team’s allocation from the October 2024 mainnet launch. That burn was completed on Apr. 29. Another 150 million OM from ecosystem partners was also set aside for burning, bringing the total to 300 million tokens, roughly 16.5% of the total supply. The price has not changed much yet, suggesting that investors are still not confident.  OM continues to trade below significant support levels. The 20-day estimated moving average is around $0.51, and the 50-day EMA is at about the $0.74 mark. The price is currently significantly below both, indicating a strong bearish trend. On the daily chart, the relative strength index has fallen to 17.18, one of the lowest levels since the crash, indicating that the recent downward trend might be overextended. A relief bounce could occur if buyers start to intervene and the RSI rises from its current levels. MANTRA price…

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Filed under: News - @ May 5, 2025 11:22 am