Mantra (OM) Crashes 90% as Binance Speaks Out – Is a BNB Breakout to $600 Coming?

The crypto community was left stunned today. Mantra (OM) plummeted nearly 90% in a single day, causing widespread concern among investors. Binance, one of the largest exchanges, broke its silence by stating on April 14, explaining that the price crash was primarily triggered by massive cross-exchange liquidations and a surge in token supply. The exchange reminded users of its earlier risk controls, including leverage reduction and pop-up warnings about OM’s tokenomics changes. Binance’s response aims to provide clarity. The event has undoubtedly affected market sentiment and could have a ripple effect on the BNB price.

Binance Responds to 90% Mantra Crash: What Went Wrong?

Binance exchange explained the sudden 90% collapse in Mantra (OM) price. The exchange cited massive cross-exchange liquidations and a dramatic increase in supply as key factors. This clarification came after users lost over $66 million in liquidations within 12 hours, triggering panic across the crypto space. Binance noted it had implemented risk control measures for OM since last year, including leverage limits and pop-up warnings on tokenomics changes. These steps, however, weren’t enough to stop the fallout. On-chain data revealed that 17 wallets dumped $227 million worth of OM tokens just before the crash, about 4.5% of the total supply.

The incident sparked speculation and fear of a potential rug pull, although Binance has not confirmed any foul play. The exchange’s transparency may help stabilize sentiment toward its platform, though questions remain around token vetting and risk controls. As BNB remains the native token of Binance, such events often ripple through its price. While BNB itself wasn’t directly impacted by the crash, any sustained trust issues in Binance’s listed tokens could affect its broader ecosystem, especially as investors evaluate the security and oversight in place.

Binance Price Actions on April 14

Following Binance’s response to the Mantra crash and the resulting market tension. The trading day of April 13th started with bearish momentum and an oversold situation at 05:10 UTC. This drop pushed BNB to find support at $590.93. Shortly after, at 10:00 UTC, the MACD line signaled a breakdown from this level. This move was reinforced by another oversold RSI signal at 11:20 UTC, triggering a dip into a new trading range. By 19:40 UTC, a fresh oversold RSI pushed the price further down, establishing new support at $580.35. Momentum shifted when the MACD formed a golden cross at 21:15 UTC, kicking off an upward channel that carried BNB into April 14th.

Chart 1, analyzed by ShwetaCW, published on TradingView, April 14, 2025

The new trading day opened with back-to-back overbought RSI signals, and BNB settled at a higher support near $592.01. Despite a brief consolidation, the price stayed within a tight range. At 10:25 UTC, another golden cross appeared on the MACD, suggesting potential for a resistance breakout. Whether BNB can break out depends on the next few candles. According to BNB price prediction, if the price breaks the current resistance of $592.01, it may target $600. If the momentum fails, BNB may slip below $580.35 and head toward $570.

BNB Price Outlook

The Mantra crash has raised concerns, but Binance exchange transparency provides clarity on the situation. The incident shows the volatility within crypto markets and the importance of robust risk management. Regarding Binance, if the market stabilizes BNB price could see support around $600. However, any further market turbulence may pull the BNB price lower to the $570 region.

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