The OMG price can be corrected in the coming days
- The OMG price increased by 0.89% over the 24-hour period. The OMG / BTC pair is seeing consolidated momentum, down 1.28%.
- OMG Network was developed as a scaling solution for the Ethereum network. By contrast, it has grown by more than 162% since the beginning of the year
Source: trade view
The price of OMG Network is currently at $ 8.44, up 0.89%. OMG price formed an Elliot impulse wave on the daily chart. According to the waves, the price can drop as much as $ 8. After that there can be an uptrend up to USD 10. It also highlights the possibility of creating a correction wave that can push the price further down. One can wait until there is a clear view of the scenario the price will go into and then close the trade.
OMG currently ranks 86th with a market cap of $ 1,187,844,612. The volume ($ 690,026,301) of the coin is down 27% in a 24-hour period. The volume to market cap ratio for the coin is 0.5739. If the ratio is above 0.8, a buying frenzy can be seen.
Technical Indicators Projects a correction to the OMG price
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The weekly technical chart for OMG shows bullish momentum. OMG is showing signs of bullish momentum on the daily chart. Its price is above the 50 and 100 moving average. The 50MA price is at $ 5.74, which temporarily supports the coin. The resistance of the coin on the upside will be at $ 9 and on the downside there will be an upswing of $ 7.73. OMG price broke the double top region and stayed above it on the 4 hour chart. When the price is 10% above the current scenario, there is strong upward momentum to a point of $ 10.
RSI (bearish): It currently stands at 61.81 and shows its presence in the overbought zone. The RSI shows a negative slope, which indicates a bearish momentum. The general sentiment of the RSI is bearish.
OMG, Price is forecasting a downward trend for the coming months. The OMG scaling solution for Ethereum has built investor confidence. The OMG / BTC pair can also see an uptrend. An investor should conduct due diligence prior to investing.
Main support: $ 7.7
Main Resistance: $ 9
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