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- OMG Network bulls triggered the positive momentum of the coin after it reached the critical support area of $2.80
- The OMG/BTC pair is also performing significantly positive with the comeback of the bulls having an overall gain of 6.20% bringing the current level to 0.00022524 BTC
The weekly price performance chart of the OMG network highlights the downtrend faced by the price levels after testing the minor resistance level of $3.50 which brought the price levels down to the critical support area of $2.80. The support level provided the much required positive bump which helped OMG to regain $3.00 and climb above the price mark in no time (We can see a sharp positive divergence at the tip of the chart). The CMP is placed at $3.10 with an overall gain of 5.15% resulting in an increase of market capitalization by 5.98 % over the day and the 24-hour volume traded having an increase of 19.27%. If the current positive momentum is sustained by the bulls, we may expect the crypto asset to retest the resistance mark of $3.50 again.
Technical Indicators Standing At Bullish Levels For OMG Network
The technical chart of OMG Network highlights the price recovery action made in the previous month which is later followed by price correction activity. The recovery action got beaten down by the major resistance level of $4.00 on the peak point and went down to the critical support area of $2.80 as its lowest point for the month. The current price levels have given a positive breakout above the 1.00 fib level which is a positive sign. The bullish rally will be facing resistance which is placed at the 0.5 fib level.
The moving average convergence & divergence (MACD) has a bullish crossover which is expected to provide more positive momentum to the coin.
The relative strength index (RSI) is moving positively after touching the oversold region and currently standing at 54.07.
The directional movement index is also moving bullish as ADX (33.72) moves strong and well above +DI & -DI.
Can OMG Network Target $4.00 in this Month?
It will be quite early to say that OMG bulls will be able to reclaim $4.00 in this month. For now, the price levels are moving positively with a short term target of breaking above the minor resistance level of $3.50.
Resistance Level: $3.50 & $4.00
Support Level: $3.00 & $2.80
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
