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Key Highlights:
- OM gains 14% after Upbit announces listing, trading opens on May 21 across KRW, BTC, and USDT pairs.
- Derivatives volume hits $947M with a 648% spike; open interest climbs to $141M, up over 30% in a day.
- RSI remains oversold while OM trades near the upper Bollinger Band, showing signs of short-term recovery.
Upbit, a top South Korean crypto exchange, announced it would list OM. Following the news, the native token of MANTRA surged 14%. This decision was made just over a month after OM saw a significant drop that wiped out billions of value.
The news once again sparked more trading and investor interest in the token. When the listing news was released, MANTRA went from $0.39 to $0.44.
But later in the day, the price fell from $0.461 to $0.423, which means it declined by 8.21% from its daily high. Although the price decreased, the token still saw more than 10% gains over the previous 24 hours.
MANTRA Recovers From April Crash With Support From Upbit Listing
OM’s good daily results come after a tough period for the token. On April 13, 2025, the price of MANTRA dropped by almost 90% during a time when few shares were traded.
Over $5.5 Billion in market value was lost, and investor confidence fell after the event. The reason for the crash was forced selling and increased pressure on the market when trading was slow.
As a result, MANTRA’s CEO, John Patrick Mullin, declared a token burning plan. He promised to burn all the 150 million tokens given to his team.
In addition to partner support, 300 million OM tokens were taken out of circulation. The goal was to decrease the supply and help build confidence among investors.
Now that OM is available on Upbit, more people notice the token. MANTRA trading on Upbit will start at 15:00 KST in the KRW, BTC, and USDT markets. There was an apparent increase in both price and trading volume after the news.
Derivatives Activity Surges With Volume Nearing $1 Billion
Over the past 24 hours, trading volume on the derivatives market of MANTRA rose by 648% to $947.11 Million. Open interest increased by 30.55%, ending the day at $141.04 Million. After the announcement, retail and institutional investors have become more involved in stock trading.
Meanwhile, on Binance, the long/short ratio for accounts was 2.2227, but on OKX it was 2.6. Most traders were betting on prices to go up. Top traders on Binance had a ratio of 2.1338 (accounts) and 1.3703 (positions). This suggests they are still bullish.
According to liquidation data, those with short positions lost more money. In the past 24 hours, $3.04 Million worth of positions were closed, with each side accounting for almost half of that total.
During those 12 hours, $1.12 Million was taken from longs, while shorts lost $529,000. So, it is clear that both sides were still vulnerable to significant price changes.
Many traders bought the asset expecting a price increase. However, the market suddenly dropped from $0.461 to $0.423, showing how fast trends can reverse.
Technical Indicators Suggest Cautious Optimism After Rebound
OM’s daily chart shows prices moving back up inside the Bollinger Bands. At the moment, MANTRA is trading near the upper band at $0.4563, which it reached after its recent rise.
The RSI data is 26.88, and the 14-day average is 22.47.OM is currently in oversold territory, yet the substantial price rise could help RSI move upward soon. This could be a brief change in the direction of the trend.
The Awesome Oscillator (AO) is slowly recovering. Although it is still negative, the bars are starting to turn from red to green. This shows that the trend may be shifting as buyers begin to come back.
Broader Market Activity Around the Listing Announcement
Upbit was involved in more than just the OM ecosystem. The exchange also included five other altcoins: Access Protocol (ACS), GoChain (GO), Observer (OBSR), Quiztok (QTCON), and Rally (RLY).
At this time, Upbit offers trading in over 240 different cryptocurrencies and has a 24-hour trading volume of $1.88 Billion. MANTRA spike is consistent with how altcoin performance has responded to its listings.
When trading in these new tokens begins on May 21, we expect high volumes and volatility, especially in the first few hours. The trading interest at this time will have a significant impact on OM’s price action.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
