After a -90% Dump, MANTRA(OM) Finds Support!!!Today, I want to analyze the MANTRA ( BINANCE:OMUSDT ) projec t for you, which fell by more than -90% on April 13 .
What is MANTRA(OM)?
MANTRA (OM) is a DeFi + RWA (Real World Assets) focused project aiming to bring real-world assets like real estate and bonds on-chain. Built with the Cosmos SDK, it’s developing a purpose-built layer-1 chain to facilitate tokenization and institutional adoption of RWAs.
The main crash reasons:
Massive forced liquidations on exchanges
90% of the token supply reportedly held in a single wallet
Rumors of a rug pull (which the team denied)
Team Response:
MANTRA’s team has launched an internal investigation
Plans for buybacks and token burns are underway
They reassured the community that team tokens remain locked and untouched
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Technical Analysis:
Now let's take a look at the MANTRA(OM) chart on the 1-hour timeframe .
After the fall on April 13, MANTRA(OM) reacted to the Heavy Support zone($0.45-$0.20) and started to rise again (upward correction) .
From the perspective of Elliott Wave theory , MANTRA(OM)'s big fall can be considered as a main wave 3 , and it seems that MANTRA(OM) is completing a main wave 4 . The main wave 4 could be a Double Three Correction(WXY) . Since the momentum of the main wave 3 was high, there is a possibility that main wave 5 will be a Truncated type .
I expect MANTRA(OM) to start rising from the Potential Reversal Zone(PRZ) and rise to at least $0.76(+30%) ( First Target ) and then attack the Resistance zone($1.10-$0.84) ( Second Target(+60%) ).
Do you think the MANTRA(OM) project can return to its good days?
Note: If the MANTRA(OM) falls below $0.500(Round Number), we can expect further declines.
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MANTRA Analyze (OMUSDT), 1-hour time frame.
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