Mantra (OM) Spikes 23% After Upbit Listing – Will the Rally Stay?

After its listing on South Korea's top exchange, Upbit, Mantra (OM) saw a sharp 23% price spike

Mantra (OM) saw a sharp 23% price spike following its listing on South Korea’s top exchange, Upbit. But is the rally here to stay, or is it just another hype-driven surge?

OM Gets Listed On Upbit - Price Responds Instantly

On May 21, OM Coin was officially listed on Upbit, alongside ACS, GO, OBSR, QTCON, and RLY. OM was offered with trading pairs against KRW, BTC, and USDT. The announcement triggered a 23% price jump, as OM shot from $0.38 to $0.47 within 24 hours, before cooling to $0.4381 by press time.

This move was largely fueled by interest from the South Korean market. But can Mantra hold these gains or will history repeat itself?

OM/USDT Technical Analysis: Bounce Or Trap?

After weeks of sideways movement near $0.38, OM experienced a 23% surge on May 21, forming a strong bullish candle following the Upbit listing. This marked the second notable rally in recent times.

On May 10-11, OM experienced a 22% surge from $0.385 to $0.47 amid increased on-chain volume ($1.06B) and open interest ($175M). However, this rally quickly fizzled out as enthusiasm waned, suggesting that the rally was primarily driven by leveraged traders rather than long-term buyers.

The Relative Strength Index (RSI), which reached 17 on May 9, has been gradually recovering. The RSI increased to 23 on May 10 and further climbed to 27.74 by May 21. This indicates improving momentum from oversold conditions, although it remains below the neutral 50 level.

The Moving Average Convergence Divergence (MACD) continues to reflect early bullishness, with the MACD line curving upward and the histogram turning green. This crossover suggests that upward pressure is building but still lacks strong confirmation.

Unless $OM pushes above the $0.47-$0.50 resistance, this move may be short-lived.

On-Chain & Derivatives: Traders React, But Conviction Lags

CoinGlass data reveals that OM's futures open interest spiked to $175M on May 11, with funding rates hitting 0.0261% - showcasing an overly bullish crowd.

Volume surged to $1.06B that day, the highest since April. But the excitement quickly faded, implying most of the inflow was speculative in nature.

Market cap increased from $372M (May 20) to $417M after the listing - a 12% rise - but failed to sustain levels above $420M for an extended period.

On-Chain & Derivatives: Traders React, But Conviction LagsCoinGlass data reveals that OM's futures open interest spiked to $175M on May 11, with funding rates hitting 0.0261% - showcasing an overly bullish crowd.

Volume surged to $1.06B that day, the highest since April. But the excitement quickly faded, implying most of the inflow was speculative in nature.

Market cap increased from $372M (May 20) to $417M after the listing - a 12% rise - but failed to sustain levels above $420M for an extended period.

Conclusion: Can Hype Trigger A Sustainable Rally?

The Mantra Coin , also known as OM, experienced a 23% price surge following its listing on South Korea's top exchange, Upbit. This significant catalyst sparked a swift increase in the cryptocurrency's value. However, a deeper analysis of technicals and on-chain metrics suggests that this rally may be more of a short-term reaction to a specific event.

A confirmed breakout above the $0.47-$0.50 resistance with sustained volume and follow-through could flip the trend bullish in the coming weeks. Without that, we might see OM retesting the $0.40-$0.42 support zone as the bears return to exert some pressure. Short-term sentiment remains neutral to slightly bullish, but traders should keep a close eye on any potential reversals or continuations of the recent price action.

At this stage, we cannot yet confirm whether Mantra Coin's move is sustainable. For that to happen, we would need to see sustained buying activity with increasing volume, new use cases or ecosystem developments for OM at these higher prices, or a shift in the long-term technical indicators like the MACD to a bullish regime. Otherwise, this move remains largely driven by hype and speculation, which can be fickle and unpredictable in the world of cryptocurrencies.

Analyst Perspective: