- The OMG price, after a correction of 50%, made up half of the losses through a gain of 28%
- The price of the OMG network could rise again but strong resistance at $ 5.9-6.0
OMG Network’s price has seen signs of recovery in momentum as half of the losses in the last bear run have disappeared. The price is currently hovering at the Fibonacci level of 38.2%, which is $ 4.945. Volume analysis suggests a stalemate between bulls and bears as the buying and selling volumes are the same in the current price range. The most recent candles also show very small volumes; therefore the bull trend is also weakening. The market cap and 24-hour volume are $ 716,986,295 and $ 622,241,192, respectively.
All but one of the indicators suggest an OMG Network Price Rally
Left picture: OMG Network price has passed the 38.2% Fibonacci level, suv = successful and will soon test the 50% Fibonacci level at $ 5.23. The key support level is at $ 4.43 while the resistance is at $ 5.65 to $ 5.9.
Right picture: The price has surpassed the 10EMA, 20EMA, and 50EMA and is supported by them at $ 4.75, $ 4.576 and $ 4.919, respectively. We can expect a bullish crossover of 10EMA and 50EMA and 20EMA and 50EMA that can zoom the price further. 200EMA remains a key resistance at $ 6.4.
Bollinger Bands are contracting and are the only indicator that shows weakness in the trend. The contraction in the bands signals lower volatility and possible consolidation of the coin.
The RSI is at 45 levels, which served as key support prior to the bear run. As such, we can expect some resistance at this level, but moving above that level may bring more bulls. Once the indicator is crossed, it will find resistance between 60 and 63 levels.
MACD (8.21.5) has made a bullish crossover in negative territory that may result in a strong bull run. We can expect the lines to rise to 0l without hurdles and therefore it is enough to bring the price to the diagonal resistance and test it.
The OMG price has entered the positive territory of the Bollinger Band in the bull run with RSI and MACD signal strength. Now the only resistance we can expect is at the Upper Bollinger Band and Fibonacci.
Support: $ 4.94 (38.2% Fibonacci level), $ 4.23 – $ 4.43 (23.6% Fibonacci level), and $ 4 (lower BB)
Resistance: $ 5.41 (Upper BB) and $ 5.5 – $ 5.9 (Resistance Zone)
Also read: https://themarketperiodical.com/2021/02/09/omg-network-price-analysis-broken-the-channel-time-to-test-the-all-time-high/
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