Mantra (OM) is in free fall, the chart looks worse than LUNA.

MANTRA (OM) has collapsed severely by 90% on April 13 and continues to decline. Notably, the charts and technical indicators of OM show a situation that is no better, if not worse, than the Terra LUNA disaster in 2022.

The RSI index of OM is currently fluctuating at an extremely oversold level and other indicators show almost no buying activity. When LUNA collapsed, many traders tried to “catch the bottom” to take advantage of a short-term recovery. However, with MANTRA, this seems less likely based on the current chart.

The RSI of OM has dropped below 10

After dropping more than 90% in just a few hours, some investors may be eyeing MANTRA’s OM token for a bottoming opportunity. However, the RSI tells a different story. Specifically, OM’s RSI plunged from 45 to 4 during the crash and has now recovered only slightly to 10.85.

RSI (Relative Strength Index) is a momentum indicator that measures the speed and change of price movements on a scale of 0 to 100. Typically, a value below 30 indicates that the asset is oversold, while above 70 indicates that it is overbought.

The RSI of OM | Source: TradingViewAlthough it has slightly bounced from an extremely low bottom, the RSI of OM has remained around 10.85 for many hours, indicating very little buying pressure to support the price.

The lack of continued buying pressure indicates that market sentiment remains extremely pessimistic, and traders still lack the confidence to accumulate this token, even though the price has dropped to an attractive level.

Recently, analysts have warned that Mantra is lacking real on-chain value.

Therefore, the OM is likely to continue to decline further or fall into a prolonged stagnation phase, while the market waits for clearer catalysts or real recovery signals.

Almost no activity purchasing OM

The DMI chart (Chỉ Mantra’s hướng) movement clearly show that the bearish momentum is very strong. ADX — an indicator measuring trend strength regardless of upward or downward direction is currently at 47.23, far above the 25 level, and shows no signs of weakening yet.

The -DI index, which tracks selling pressure, has decreased from a peak of 85.29 to 69.69, indicating that the panic sell-off is slowing down, but it still prevails.

Meanwhile, the +DI index representing buying pressure dropped from 3.12 to just 2.42, implying that the bulls’ positive response was almost non-existent in the face of this crash.

! OM DMI by OM | Source: TradingViewSuch an imbalance demonstrates that although the intense sell-off may have passed, almost no significant buying activity appeared to support the price of OM.

The fact that the +DI index is still extremely low means that traders are still avoiding the token, hesitant to buy even if it is falling sharply.

As long as this situation continues — strong trends, high selling pressure, and almost no buying power — the price of OM will continue to face heavy downward pressure, and any attempts at recovery will be very difficult unless market sentiment changes significantly.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions.

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Dinh Dinh

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