OmiseGO (OMG) Price Analysis: OMG Struggling Due To Volatile Prices

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • OMG prices are having a hard time in the bullish zone, major dominance of bears in the market. Cryptocurrency suffering hard due to the negative market factors.
  • OMG/BTC pair showing a slightly positive sign of profit of -0.01% bringing the level to 0.00009223.

OMG1

In the 7day-chart we can clearly see that OMG prices are having a tough time in the bullish approach. The prices tried their best to climb up but the resistance level of $0.530 is not allowing it to make a gradual climb. Later it went below the normal level due to the global market factors.

Currently, the support level of $0.480 is trying its level best to prevent price collapse from the normal region. It’s really a tough task to prevent the fall as marked is completely exposed to the negative factors.

The current market factors led to OMG’s current market capital to $68,432,369USD with volume traded of $156,752,712 USD and a circulative supply of 140,245,398 OMG.

OmiseGO(OMG) Technical Analysis

OMG2
Source:tradingview

There is a continuous downfall in the prices of the altcoin as bears took full control of it, leading it to the normal limit. It struggled a lot to maintain its presence on the normal level.

The technical indicators and oscillators are showing an increase in selling volume due to the market condition. As crypto investors are more focused on liquefying there assets. This could serve hard at the prices of alt as it is struggling hard to maintain its presence on the normal regions.

The MACD levels showing heavy selling volume, there is a complete dominances of bears. OMG prices are struggling a lot, as there is a slight increase in buying volume, still, that’s not enough.

The 24hr-RSI went to the depths of the oversold region, made a double wedge pattern and started its climb towards the bullish region of the normal zone.

The 24hr-CCI touched its lowest limit possible in the oversold region with a heavy selling volume. It struggled a lot to reach the normal  level but somehow it manages to do it

Resistance Level $0.490

Support Level $0.480

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