OM Reaches Record High of $6.2, Prompts Long-Term Holders to Take Profits
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OM has seen a remarkable 70% surge in the past ten days, breaking out of a two-month consolidation period. The altcoin recently hit a new all-time high at $6.29, showcasing strong bullish momentum.

Despite this impressive run, there are indications that the upward trend could face obstacles ahead.

Holders of MANTRA are capitalizing on profits

The recent uptick in OM's price has triggered heightened activity among long-term holders (LTHs). The metric "Age Consumed" has seen a notable increase, suggesting that these long-term holders are starting to offload their holdings.

LTHs are widely regarded as a key support for an asset, and their profit-taking actions may hint at a shift in market sentiment. As these investors cash in, it could signal a slowdown in the rally and potential resistance in the short term.

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The selling spree by LTHs may imply that the current price level is enticing enough for them to lock in profits. While profit-taking is common during a robust uptrend, it also indicates that the rally may require fresh buying pressure from new investors or retail traders to be sustained.

OM's adoption rate, which monitors the percentage of new addresses engaging in their initial transaction, is not displaying a substantial uptick. This lack of momentum could suggest that the altcoin is not garnering as much attention in the market compared to its counterparts. A higher adoption rate typically signifies growing interest and trust in an asset. Without this boost, OM might struggle to maintain its current price levels.

The stagnant adoption rate implies that speculative trading may be fueling the rally rather than fundamental growth. To sustain a prolonged upward trend, OM would need to attract more long-term interest from new users and investors. The absence of a significant surge in adoption may present a hurdle to OM's optimistic long-term outlook.

OM's Price Prediction: Continuing the ATH Run

OM's price has leaped by 70% in the last ten days, hitting $5.98. With a recent ATH of $6.29, the altcoin appears to have shaken off its consolidation phase and could foresee additional gains, albeit with potential resistance ahead.

While further growth remains a possibility, the aforementioned factors indicate that maintaining the recent price surge could pose a challenge. Nevertheless, holding $6.00 as a support base could sustain the ATH momentum, potentially propelling OM towards $7.00. Should market sentiment stay positive, the altcoin might sustain its upward trajectory.

On the contrary, a shift in market sentiment could see OM lose vital support levels. A drop below $6.00 could test support at $4.27, and further declines could push the price down to $3.47, nullifying the bullish outlook and erasing recent advancements.

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