Olympus (OHM) is approaching a critical point as downward pressure on its price persists. The DAO token has fallen sharply as risk-off sentiment drives investors away, and it may take considerable time for OHM to recover. Key points to consider:
At the time of writing, OHM was trading at $64.81, down about 4% intraday.
In addition, Olympus (OHM) is currently trading more than 90% below its all-time highs.
The broader crypto market decline is likely to exacerbate OHM’s price action, and further downward pressure is expected in the coming days.
Data source: CoinMarketCap
Olympus (OHM) – Can it recover?
In recent weeks many tokens have declined significantly, with several trading far below their previous peaks. Olympus (OHM) is not alone in this trend. What makes this fall notable is its scale: at the time this article was published, the token was trading nearly 95% below its all-time high.
Despite the storms and headwinds across crypto markets, the project is attempting to expand and has launched a new 12-month plan aimed at building a “stronger ecosystem.” Whether this initiative will relieve the downward pressure remains unclear. For now, OHM appears to be approaching a potential point of no return.
Should you buy Olympus (OHM)?
For those unfamiliar, Olympus (OHM) is a platform that incentivizes users to stake its native token OHM with the goal of creating a crypto reserve asset similar in function to a fiat reserve like the U.S. dollar. The concept initially attracted a large following when the project launched. Given current market conditions and elevated risk, now may not be the ideal time to buy Olympus (OHM).