- OmiseGO has started to signs of price recovery after facing heavy downfall in the cryptomarket
- Currently, the altcoin is gaining 2.84% with the aim of breaking the crucial level of $1.00 again.
- The altcoin is also fundamentally supported by its community through regular inputs and updates for OMG users.
The 7-day weekly chart shows that OMG has been making continuous efforts to break the crucial level of $1. However, the resistance provided by the mark has resulted in the altcoin reaching its major support level of $0.80.
Before the downtrend occurred, OMG was well sustaining above the level of $1.00. It reached its year-high of $1.50 with the bullish momentum. The downtrend occurred afterward force the altcoin to reach a low level of $0.70 in Mid-February.
The capability of the coin can be expressed in its price mark. It reached its all-time high at $28.35 in January 2018. The volume traded can also be on a significant increase since the starting of the year from $40M to $260M. there has been a significant increase in market capitalization too from $85M to $200M.
Currently, the price of OMG is at the level of $0.87 with the market capitalization of $122,810,186 and 24h volume traded of $169,228,452.
OmiseGo Fundamental Analysis
Fundamentally, the altcoin looks very promising with the aim of providing access to financial services to the general public as well as exchanges also. It also aims to provide a digital platform where anyone can spend digital assets anytime and anywhere. The team also offers tailored and technical consulting services to provide future-ready solutions for an increasingly digitalized economy.
OmiseGo Price Analysis
The technical chart represents the uptrend of OMG which was followed by the downtrend. Currently, the altcoin has finally started showing positive momentum which can be seen at the tip of the downtrend line.
The technical indicators and oscillators also favor OMG bulls immensely. Due to the downtrend faced, fib retracement level went down to 0.236. however, if the altcoin is successful in sustaining this positive momentum, the retracement level can reach a level of 0.618 also.
The MACD levels are also on the significant bullish run and are capable of reaching the bullish zone in the graph. However, RSI dropped to the level of 50 but is capable to reach the level of 60 again to support the bulls. OBV shows that there has been no significant movement in the volume in the past few days but a positive change might favor the bulls.
Resistance level: $1.00 and $1.50
Support level: $0.85 and $0.80
