Market summary
Current price: ~$0.52
24h volatility: Slight decrease of about 0.5%
Daily high/low: $0.5241 / $0.5164
24h trading volume: ~$172 million
Market capitalization: ~$490 million
Context and recent events
In mid-April 2025, OM experienced a historic crash, losing over 90% of its value in just a few hours, causing the market cap to evaporate by nearly $6 billion. To cope with the crisis, CEO John Patrick Mullin initiated the burning of 150 million OM tokens from his personal account, along with a plan to burn an additional 150 million tokens from ecosystem partners, totaling a reduction of 300 million OM in supply.
However, despite this effort, the price of OM has not been able to recover strongly. Current technical patterns indicate that OM is forming a descending triangle pattern, a negative signal that could lead to a further price drop of 50% if the support level of $0.50 is broken.
Additionally, OM is facing allegations of shady trading and high diluted market capitalization, raising concerns about a potential collapse similar to LUNA.
24h Futures trading strategy
Suggested position: Short
Profit target: $0.45
Stop loss: $0.55
Conclusion
OM is in a recovery phase after a severe crash, but technical factors and negative news are still weighing on the price. Investors should be cautious and closely monitor subsequent developments before making trading decisions.
