OM’s latest crash has caused serious panic and fear among retail traders and investors following over 90% drop in a week. This sudden liquidation has put the asset in a bearish condition, plunging under $1. After reestablishing support above the $5.6 level to form a new bullish pattern last week, OM bounced back and increased well. The buying was short-lived under $7 due to a rejection, and the price dropped briefly into a calm phase for days. Unfortunately, that week ended in pain following a sudden massive crash below $1 within an hour, sparking roughly 100% loss in a single day. According to JP Mullin, the co-founder and the CEO of Mantra protocol, the crash came as a result of “forced closures of positions”, citing timing and depth of the crash came as a result of insufficient warning or notice. While this scenario looks similar to that of the Luna and FTT collapse saga in 2021, history might be repeating itself with a similar pattern, as this could be an indication of a full-scale crypto bearish season as few altcoins might follow the trend in the next few days. Additionally, being one of the first tokens to kickstart bull run, with over 50x increase in a year, OM is among the best-performed altcoins with massive returns on investment during the bull cycle. But considering the latest crash to a year low, the bulls are trapped in a big loss, and from a technical standpoint, they may not recover from it. OM’s Key Levels to Watch Source: Tradingview Now that the bears are technically in control, reclaiming $0.465 and the recent yearly $0.37 low would be their next target. Breaking it could plunge the price to $0.2 and $0.1 in the near term. In case of a major recovery, the key level to keep in mind for a retest is $1. Right above this resistance lies the $2 and $3 levels. Key Resistance Levels: $1, $2, $3 Key Support Levels: $0.465, $0.37, $0.2 Spot Price: $0.86 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
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