Mantra [OM] – Create, Adopt, and What Next for the Price

• OM’s price has risen by 57.85% in the last month
• Mantra’s rate of new addresses created has dropped 99.7% in the last 3 months

Mantra’s Address Creation Rate Falls

You can also contact us by clicking here. Mantra Despite the fact that its prices have been increasing, its rate of adoption has declined.

The following is a list of Ali MartinezMantra’s network is significantly smaller, as the number of new addresses has dropped by 99.7%. The number of new addresses has dropped from 110,517 to 252 since November. This decline in new address creation is a sign that fewer new users are joining the network – A sign of dwindling interest, demand, and on-chain activity.

Source: IntoTheBlock

This waning of interest is evident in the drop from 53% adoption to 23% during the last week.

A drop of this magnitude could mean a reduced user base. The result would be a decreased demand for network transactions, and therefore a reduction in the activity in general. The fact that users have stopped entering the marketplace and those who are still there are shutting down their businesses is also a sign of this.

Santiment

Mantra’s Price DAA Divergence has also remained in the negative for the last three weeks. This confirms the decline of network activity.

In the past, when there are no users on a particular network, this has been accompanied by a decline in price for native tokens, as it is a reflection of market negativity. We can observe that the lack of demand is slowly affecting OM’s price.

How will this affect OM’s chart?

OM price is still strong, despite Mantra adoption rates declining over the past couple of months. At the time this article was written, the altcoin’s price stood at $7.53. The altcoin’s price rose by 5.73% in the past 24 hours.

The bullish view also seemed to be extending itself in the charts of monthly by 57.85%.

Coinalyze

Market sentiment remains negative despite price inflation.

We can observe this by looking at the fact that most investors have taken short positions. Coinalyze reports that 52.66 % of Futures investors are short, while only 47.3 % are long. When short positions dominate the market, it implies that most traders expect the price to drop in the near term – A sign of strong bearish sentiment.

Coinglass

The market is also showing a bearish trend, as it has seen more outflows and inflows. OM’s Netflows have also changed to positive after three negative days. They now stand at $1.02 Million. It is a sign that traders are preparing to make OM token sales when this indicator turns positive.

This could lead to pressure on the seller if this becomes a selling situation. OM’s price.

The network fundamentals remain weak, despite the price gains of OM. A good example of this is the decline in network adoption. In order to maintain its current gains, the network requires new addresses and active users.

Low demand usually results in lower price. If the adoption rate declines, speculative demands can push the price lower. A retrace of the market could bring OM down to $7.

Altcoins are expected to hit $8 if they can maintain the short-term speculative trend.