OHM Went Parabolic. Will Gains Hold?
The Olympus price jumped on Thursday as it became one of the best performing cryptocurrencies in the world. OHM rose to a high of $30.25, which was the highest level since April 11th. This price was substantially higher than this week’s low of $23.90. According to CoinGecko, it has a market cap of over $465 million.
Olympus is one of the leading fallen angels in the cryptocurrency industry. A fallen angel is defined as a cryptocurrency that was highly ranked but one that has become almost forgotten. At its peak, the Olympus price was trading at $1,300, valuing it at billions of dollars. This means that the token has crashed by more than 98%.
For starters, Olympus is a controversial DeFi platform that has built OHM, which it describes as a community-owned, decentralized, and censorship-resistant reserve currency. According to its website, it has a total value deposited of over $377 million, which is sharply lower than its all-time high. The market value of treasury assets has dropped to about $431 million.
Olympus has been a controversial platform for a long time. Most recently, a lawsuit was filed against the organization in Connecticut. The suit alleged that early funder lost nearly 4 million OHM tokens. He says that the OlympusDAO made it impossible to cash out his tokens. It did that by rendering inoperable the smart contracts enabling him to redeem his tokens.
It is unclear why the Olympus price is rising but some analysts cite a long thread made by the team. They described the expansiveness of Olympus liquidity pillar that supports multiple chains like Arbitrum and Avalanche.
Olympus price prediction
The four-hour chart shows that the OHM price jumped sharply on Thursday morning. As it rose, the coin tested its highest point since April 11th and then started retreating. It has moved slightly above the 25-day and 15-day moving averages and is slightly above the lowest level on the 14th. It has also moved slightly below the descending trendline. Therefore, there is a likelihood that the coin will likely continue falling as bears target the low at $23. A move above the resistance at $30 will invalidate this view.
