OMG Network (OMG) Price Analysis: OMG Breaking Above $4.00 With 30% Increase

  • OMG is the top gainer in tuesday’s market session with a massive overall gain of 29.46%
  • The OMG/BTC and OMG/ETH pairs have also taken the boost of 30.74% and 30.21% respectively. 
  • After breaking above $4.00, the bulls strongly looks on the side of OMG further ahead in the market. 

On the intraday trading chart, OMG has almost taken a giant positive leap of $1.00 with the starting point of $3.30 and reaching its day-high of $4.30. The sudden bump can be the result of an increase in volume traded for the altcoin. The increase of 24-hour hour volume traded is $518,742,605 at the time of writing. The market capitalization stands at $590,919,275. The price chart reflects a strong bullish trend for OMG besides major coins having a downtrend. 

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The bullish move started from the level of $3.30 which crossed the crucial mark of $4.00 in no time and reached its first peak point of the day which was $4.25. Afterwards, there was a much expected profit booking momentum for the coin which also brought the levels below $4.00 and the bulls were stronger. The altcoin again regain its positive momentum when it reached the level of $3.84 and touched its second and the highest peak for the day at the level of $4.40. 

For capitalizing on this bullish trend, OMG needs to sustain above the level of $4.00 and needs to avoid any sharp changes that too without any fundamental backing. As of now, the altcoin is looking extremely bullish in the market and might target for the level of $6.00 again. 

OMG Network (OMG) Technical Analysis 

The technical graph highlights the significant downtrend faced by altcoin on a monthly basis. The symmetric triangle pattern is somehow indicating that the bullish move on tuesday’s session might be a positive breakout point for further price recovery. On the downside, if bears make a comeback in the market, the crypto asset will be having the major support level of $2.50. Besides that, the roadmap for the crucial mark of $4.00 is looking smooth for OMG as of now. 

Looking onto the technical indicators, RSI levels are being extremely bullish which might want to cool down a bit for avoiding any sharp negative divergence. MACD levels are also indicating upcoming bullish phase with a bullish crossover 

Resistance level: $4.20

Support level: $2.60 

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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.

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