Newton Gitonga
While cryptocurrencies traverse monthly lows, some players view the downtrends as an opportunity to increase their bags at discounted prices.
Santiment’s data shows Mantra Network’s whale activity skyrocketed to record highs, with transactions worth over $1 million surging amidst the latest price dip.
Mantra whales buy the dip
Santiment’s chart reveals a dip-buying strategy, with whale transactions (shaded bars) surging to record highs.
The trend coincides with declining OM prices (black line).
The counter correlation confirms accumulation by large-scale investors at lower prices, betting on potential bounce-backs in the upcoming sessions.
Generally, whales venture into assets with high profitability potentials.
A surge in large-scale purchases by these entities often heralds significant price upticks.
The latest price crash could have presented a lucrative entry point for savvy investors to join at a discount.
Also, OM’s whale accumulation mirrors ongoing dip-buying trends in the altcoin space.
Renowned analyst Michael van de Poppe highlighted that alts maintain an upward structure, meaning “it’s in dip buying area for the altcoins.”
The structure is still upwards trending, which means that it’s in dip buying area for the #Altcoins.
Further, continued developments with new decentralized finance (DeFi) integrations, collaborations, and staking rewards might have renewed investor interest.
Recently, Mantra secured a VASP license in Dubai, underscoring its dedication to global expansion.
What’s next for OM price?
Increased activity from whale entities often impacts the asset’s price, with accumulation catalyzing substantial rebounds.
Thus, the increase in OM transactions worth over $1 million could suggest impending recoveries.
Notably, this trend emerges after Mantra’s latest bearish trends, with the altcoin down 15% on its daily chart.
Dip-pocketed players might leverage the downside to add their positions at cheap prices.
Nevertheless, retailers should remain cautious as the market exhibits high volatility.
Enthusiasts should track price actions and on-chain metrics to gauge OM’s upcoming trajectory.
Meanwhile, the prevailing whale accumulation shows savvy investors positioning themselves, hinting at possible price reversals in the coming few sessions.
OM current price
The altcoin trades at $6.33 after gaining nearly 2% in the past 24 hours.
Increased whale activity and Bitcoin’s rebound contributed to Mantra’s surge the previous day.
Nevertheless, the 45% decline in daily trading volume indicates short-lived recoveries.
OM might erase its gains in the upcoming hours.
Technical indicators support the uncertainty.
For instance, the Chaikin Money Flow has plunged sharply since February 22 to the negative region at press time (-0.17).
That indicates a substantial cash flow out of Mantra’s ecosystem.
Such trends could hinder OM from sustained recoveries in the near term.
Also, the 1D MACD confirms bearish dominance with a robust downside crossover.
However, OM price remains above the vital 50-day and 200-day Exponential Moving Average on the daily chart.
That positions the Mantra for swift price rebounds upon broad-based recoveries.
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