OMG Network (OMG) on a Resurgence Path After Price Surge?

Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.
  • OMG Network was recording some significant gains.
  • OMG, the cryptocurrency now ranked at 50th on CoinMarketCap’s ladder, has been performing well on charts from the last few days.
  • The crypto asset was priced at $2.01, with the token has gained by 3.22% in the last 24-hours.

Off late, Bitcoin price actions have ensured that it has overshadowed other precious metals such as gold and silver. And it’s not just Bitcoin; in fact, the second-largest digital currency, Ethereum too had shown its potential when it reached the highest level in two years. 

While the two mainstream cryptocurrencies were making their way, other altcoins meanwhile have had contrasting luck with some of these altcoins lacking momentum on the charts. However, over the past few months, the altcoin market has been soaring following its own momentum and developments. This could be an indication that at some point altcoins may move independently of bitcoin. As witnessed recently, when bitcoin was consolidating its position, OMG Network too was recording some significant gains.

OMG, the cryptocurrency which is currently ranked at 50th on CoinMarketCap’s ladder has shown signs of life after performing well on charts.

In fact, over the last week alone, OMG started rising on the charts in order to reclaim it’s previous gains, an astonishing hike for crypto ranked so high on the cryptocurrency ladder. 

OMG Network (OMG) Price Analysis

Like most altcoin in the market, OMG wasn’t too quick to latch on to Bitcoin’s surge, however, later picked up the pace with the token noting exceptional gains. However, as corrections stemmed from Bitcoin, so did they for OMG. At the time of writing, OMG was priced at $2.01, with the token has gained by 3.22% in the last 24-hours.

Looking at the USD and BTC pairs against OMG, it’s indicators, however, were largely bullish as breakout move confirmed a Bullish Flag pattern, a continuation signal that price is likely to spike and if the weekly closes above 1.90, it will look even more bullish. However, to attain that level, the trading volume needs to increase.

The daily MACD on the pair is also bullish and the weekly RSI is currently pushing above 59.

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