Key Highlights:
- OM surged 23% within 24 hours on May 21, jumping from $0.38 to $0.47 after the Upbit listing.
- Daily trading volume spiked over 460% in 24H, briefly topping $385 million.
- OM hit $0.47 before retracing to $0.4381.
- Futures volume and open interest showed signs of short-term speculative buildup.
- Despite the jump, OM is still down 95% from its February ATH of $9.04.
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.
South Korean interest fueled this move, but can OM hold these gains or will history repeat?
OM/USDT Technical Analysis: Bounce or Trap?
After weeks of sideways movement near $0.38, OM climbed 23% on May 21, forming a strong bullish candle after the Upbit listing. This marked the second notable surge in recent weeks.
On May 10–11, OM also jumped 22% from $0.385 to $0.47 amid rising on-chain volume ($1.06B) and open interest ($175M). That rally faded quickly as enthusiasm cooled, showing the rally was likely fueled by leveraged traders rather than long-term buyers.
RSI, which dropped to 17 on May 9, has gradually recovered — rising to 23 on May 10 and further climbing to 27.74 by May 21. This indicates improving momentum from oversold conditions, though it remains below the neutral 50 level.
MACD continues to reflect early bullishness, with the MACD line curving upward and the histogram turning green. This crossover suggests upward pressure is building but still lacks strong confirmation.
Unless $OM pushes above the $0.47–$0.50 resistance, this move may stay short-lived.
On-Chain and Derivatives: Traders React, But Conviction Lags
CoinGlass data reveals OM’s futures open interest spiked to $175M on May 11, with funding rates hitting 0.0261% — showing an overly bullish crowd.
Volume surged to $1.06B that day, the highest since April. But the excitement faded quickly, suggesting most of the inflow was speculative.
Market cap rose from $372M (May 20) to $417M after the listing — a 12% increase — but failed to hold above $420M for long.
On-Chain and Derivatives: Traders React, But Conviction Lags CoinGlass data reveals OM’s futures open interest spiked to $175M on May 11, with funding rates hitting 0.0261% — showing an overly bullish crowd.
Volume surged to $1.06B that day, the highest since April. But the excitement faded quickly, suggesting most of the inflow was speculative.
Market cap rose from $372M (May 20) to $417M after the listing — a 12% increase — but failed to hold above $420M for long.
Conclusion: Can Hype Trigger a Sustainable Rally?
The Mantra Coin , OM’s 23% rally shows how strong catalysts like exchange listings can spark quick moves. Yet, technicals and on-chain metrics suggest this is more of a short-term reaction.
A confirmed breakout above $0.47–$0.50 with volume could flip the trend bullish. Without that, OM may revisit the $0.40–$0.42 range. Short-term sentiment remains neutral to slightly bullish, but traders should watch closely for follow-through this week.
Unless OM sustains its gains with rising volume and new ecosystem developments at this stage, not yet. Otherwise, the move remains speculative in nature.
Analyst Perspective: What Should Traders Do Next?
- Short-term traders should watch for a breakout above $0.50 with volume before considering momentum-based longs. Until then, risk remains for a retest of $0.40.
Long-term investors might view dips near $0.38–$0.40 as early accumulation zones — but only if OM builds stronger fundamentals beyond exchange catalysts.
