Mantra (OM) price continues to languish at its lowest level since March 2024

This performance indicates that investors are still skeptical about the coin after its crash two weeks ago.

Major Real World Asset tokenization project Mantra (OM) saw its price continue to languish at its lowest level since March 2024, even as Bitcoin and most altcoins rallied.

Mantra traded at $0.5086 on Sunday, down 95% from its highest level this year. This performance comes as investors remain skeptical of the coin following its crash two weeks ago.

While the management has attIrbuted the collapse to forced liquidations by an exchange, users believe it was because of insiders dumping tokens. They also question why Mantra was the only coin to have such forced liquidations.

John Patrick Mullin, the , will give an update at the TOKEN2049. The event takes place in Dubai this week on April 30-May 1. He will discuss new ecosystem developments and provide an update on his token burn.

In Dubai, he also aims to appeal to the crypto community to cooperate in order to protect investors from these liquidations.

To the MANTRA community,

First and foremost, I want to acknowledge the impact of what happened two weeks ago. I understand many of you lost money. Some of you lost a lot of money. Your trust is everything to us, and we're working to rebuild it with a focus on doubling down on…

Mantra price technical analysis

Mantra has also pledged to implement other solutions to boost the token price. In addition to Mulln’s token burn, the company will burn 300 OM tokens from its Treasury. A token burn decreases the number of those in circulation and potentially increases its price.

Its team also hopes to implement a $109 million token buyback. A buyback increases demand for tokens and can help to stabilize its price. The team has also pledged to implement more transparency.

However, it is unlikely that these actions will be effective because the trust among investors is gone.

The daily chart shows that the OM price collapsed earlier this month. It dropped from a high of $9.10 in March to $0.50 today, erasing over $7.5 billion in value.

Mantra price chart from TradingView

The Mantra price has crumbled below all moving averages, a sign that bears remain in control. It has also formed a bearish pennant pattern, which consists of a vertical line and a triangle pattern.

Therefore, while the Mantra coin may seem cheap, there is a probability that it will continue decreasing over time. It may drop to the next point at $0.2330, the lowest swing in February last year. The only caveat is that failed projects like Celsius, FTX, and Safemoon often experience short squeezes.