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The price of the Mantra OM token has strongly rebounded after a dramatic collapse of the weekend, but analysts warn that recovery can be short-lived and structurally similar to the first stadiums of the Terra Luna accident in 2022.

On April 13, OM increased from $ 6.30 to $ 0.50 in hours, destroying more than 90% of its market capitalization of $ 6 billion. The sale sparked more than $ 75 million in liquidations in OM term posts.

While panic spread on the market, the allegations of a carpet began to circulate online. The criticisms underlined the transfers of suspicious token and the controversial token of the project.

OM Token faces Terra Luna comparisons in the middle of skepticism

The Mantra team quickly responded to concerns. The JP Mullin co-founder responded directly to the Telegram group of the project, declaring: “We are here and are not going anywhere.”

He attributed the collapse of prices to “reckless forced closures initiated by centralized exchanges” rather than any reprehensible act by the team. Mullin also provided an audit address to show the team’s tokens titles.

This response helped relieve part of the panic, om bouncing almost 200% compared to its low-crash low of $ 0.37 up to $ 1.10 on April 14. Despite the recovery, skepticism remains high.

Critics allege that the Mantra’s main team would check approximately 90% of the tokens supply and use their OM participations as a guarantee to guarantee high -risk loans.

According to analyst ED, a sudden change in loan risk parameters by centralized exchanges sparked a margin call, exacerbating the fall of the token.

OKX, one of the exchanges involved, had previously adjusted its loan frame in response to the modifications made by Mantra in October 2024, when the project went to an inflationary model and doubled its total supply of token of 888 million to 1.77 billion.

Okx CEO Star Xu describe The event as a “big scandal”, declaring that the exchange would publish other reports on the situation in the coming days.

OM Price struggles with key resistance levels

Despite the price rebound, the technical indicators of OM paint an image concerning. The token is well below its exponential mobile average of 50 weeks close to $ 3.25 and now faces 200 -week EMA resistance around $ 1.08.

The weekly index of the relative force fell to 33.31, suggesting continuous weakness of the momentum of the market.

The AMICATCRYPTO graphic analyst compared the current OM graph to the failed recovery of Luna in 2022.

“If you ask me if the Haussier market is finished. Short answer. Yes, “she wrote on social networks, warning that upward movements at this stage are probably” rebounds.

Despite short -term rallies, she added that OM could fall by an additional 90% in a single day.

While OM has recovered land, the underlying structural risks are not resolved, leaving investors wary of another potential rupture.

OM tokens are blocking after sales of whales and Shake Market exchange deposits

Meanwhile, blockchain analysis companies indicate a major whale activity and concentrated sales while the main triggers behind OM’s sudden collapse.

Spot on Chain revealed that the whales moved 14.27 million OMx to OKX a few days before the price bisan.

These same entities acquired more than 84 million OM in March for $ 564.7 million, but after 90% OM dive, their remaining assets are now worth $ 62 million.

Lookonchain has also reported that since April 7, at least 17 portfolios have deposited 43.6 million OM on trade, or around 4.5% of food in circulation.

However, Binance awarded the accident to the exchange of liquidations and warned users of the economy of the changing token of OM months ago. Mantra soon promises a complete post-mortem.

The Post Mantra OM Prix recovers 200%, but analysts warn against the risk of Luna level appeared first on Cryptonews.

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