Can OMG Network Sustain Above $3.00 Amid Bearish Sentiment in the Market?

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.
  • The declining trend continues for OMG for the second consecutive day. 
  • The OMG/BTC pair on significant decline mode with an overall loss of -10.00% bringing the current level to 0.00030740 BTC
  • The OMG/ETH pair is also facing downtrending momentum with the loss of -7.84% bringing the current level to 0.00960841 ETH 

The wrath of bears continues for OMG as the altcoin is facing significant price correction activity in the market. The CMP is placed at $3.26 with the market capitalization of $456,696,787 with the 24-hour volume traded of $241,835,212. Sustaining above the crucial level of $3.00 looks doubtful now looking at the magnitude of the downfall which keeps increasing gradually.  

Source: Coinmarketcap

On the intraday chart, the downtrend for the coin started from the price level of $3.60, from where it was targeting to reclaim the crucial mark of $4.00 on the bullish side. However, the overall market sentiment didn’t support the bulls and the levels are on a gradual decline. The ultimate priority of the crypto asset is to sustain above $3.00 now looking at the concentration of the downtrend. On the upside, If the levels manage to cross above $3.50, it might help the coin to end the run of the bears. 

OMG Technical Levels in Requirement of a Positive Boost.

Source: Tradingview

The technical chart focuses on the magnitude of the downtrend it faced during the month of September which is followed by a positive breakout point. Due to the positive breakout, altcoin builds a market sentiment of being in the potential to reclaim the crucial mark of $4.00 again. However, it failed in doing so and now trying to avoid further downfall below $3.00. The price levels have also broken down below 0.236fib level which is not a positive sign for the altcoin. 

RSI levels have gradually declined and currently standing at 37.36. The levels avoided oversold regions this time but looks skeptical.  

CCI levels are currently in the oversold region which is a negative sign. The levels need to ramp up a bit for avoiding any further downfall.  The current level stands at -147.64. 

MACD levels have flattened after a bearish crossover which indicates that the bears might sustain for a while now. 

RESISTANCE LEVEL: $4.00

SUPPORT LEVEL: $3.10 

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