OMG Network Price Levels Faces Fresh Negative Reversals After Acquisition by Genesis Block Ventures

  • OMG Network price levels faced a negative trend for the first time after getting acquired by GBV and providing double-digits positive rally from the past trading sessions
  • The OMG/BTC pair has also turned negative with an overall loss of -2.30%, bringing the current level down to 0.00018655 BTC 
Source: Coinmarketcap

The weekly price performance chart of OMG Network highlights the sharp positive divergence after the acquisition of the blockchain by Genesis Block Ventures (GBV) news came into the market. The positive move helped the price levels to have a positive crossover above the bullish mark of $4.00. However, after reaching a critical resistance zone around $4.30, the coin started to face profit booking momentum resulting in a sharp negative divergence simultaneously. The negative momentum halted at the major support level of $3.50. The CMP is placed at $3.58, facing an overall loss of -1.44%, bringing the market capitalization to $501,844,318 and the 24-hour volume traded of $131,331,762. The OMG/BTC pair’s significant negative performance might indicate that the current negative momentum can provide more damage to the price levels in the upcoming trading sessions. 

Technical Levels Took A Negative Dip as OMG Price Levels Trades Negative 

Source: Tradingview
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The technical chart of OMG Network highlights the volatile nature of the price levels showcasing both positive and negative divergence on a short time frame within this month. The magnitude of the positive divergence was ranging around 76.40% and the negative divergence around 61.80%. The current price levels look to consolidate between 0.382fib level to 0.5fib level. 

The moving average convergence & divergence (MACD) levels are still trading below the neutral line after bullish crossover, reflecting on the negative sentiment prevailing in the levels. 

The relative strength index (RSI) has formed a falling channel pattern and still showcasing no signs of a revival of the positive momentum. The current level stands at 42.84

The directional movement index (DMI) also bending to the bears as ADX (14.97) faced a negative crossover against -DI (20.94) 

Will OMG Face Further Price Damage Amid Acquisition by GBV? 

The current price levels are residing on the significant support of $3.50. If a negative breakout below this support level is witnessed in the upcoming trading sessions, we expect the bears to provide more price damage to the digital asset. 

Resistance level: $4.30 & $4.00

Support level: $3.50 & $3.00 

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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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