OMG Beaten by the Resistance Level of $4.00

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 network is facing significant negative momentum in the market after attempting to cross above the major resistance level of $4.00
  • The OMG/BTC pair is also trading negative with the loss of -2.51% bringing the current level to 0.00029841 BTC
  • The OMG/ETH pair also trading facing damage of the bears by -2.52% bringing the current level to 0.00934510

The significant price recovery action made by OMG has to an end after it tested the major resistance level of $4.00. The reversal provided by the resistance level is so significant that the crypto asset is currently on the verge of breaking below the crucial price level of $3.00 with the CMP at $3.17 facing an overall loss of -2.32%.

omg
Source: Tradingview

As the weekly chart reflects, OMG was onto significant price recovery action in the market after dipping to the price level of $3.00. The price recovery action lasted until the price mark of $3.90 where major profit booking activity dropped the price levels. The cryptoasset is currently held by the support level of $3.00. 

Technical Levels Indicating Comeback of Bulls 

OMG TECH
Source: Tradingview

The technical chart focuses on the significant downtrend faced by OMG during the past month which is followed by a price recovery action this month. The price levels were successful in crossing above 0.236fib level but the sustainability was completely missing and resulted in the ongoing downtrend for the coin. This indicates the roadmap after the resistance level of $4.00 is not easy for the crypto asset further ahead in the market. 

RSI levels have flattened which is a kind of positive trend looking at the ongoing downtrend. The current level stands at 53.12 and should avoid any further downfall below 45.00. 

CCI levels are also attempting to sustain in the normal region for avoiding any sharp negative volatility. The current level stands at 18.68. 

MACD levels are improving with the bullish crossover but an expected bearish crossover is looking very possible to happen. 

Where OMG Network Can Be Headed? 

With the help of overall bullish sentiment in the market, the crypto asset can be successful in sustaining the regained prices with the help of a major support level of $3.00. The current profit booking momentum can be justified with the rational selling opportunity being provided to the investors. 

RESISTANCE LEVEL: $4.00

SUPPORT LEVEL: $3.00 

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