OMG Network (OMG) Analysis: OMG Network Live Price Heading Towards Critical Resistance Zone

  • OMG Network Live Price is able to maintain its bullish momentum after having a positive crossover above the crucial mark of $3.00 
  • The bulls are now heading towards the critical resistance zone of $4.00
  • The OMG/BTC pair is also performing significantly positive with an overall gain of 2.46% bringing the current level to 0.00009701 BTC 

OMG Network Live Price Forms Rising Channel 

Source: Coinmarketcap

The weekly price performance chart highlights the significant bullish momentum build by OMG which got enhanced after having a positive crossover above $3.00. It can notice in the chart that the price levels faced retracements at regular intervals but the wave of positive momentum in the altcoin section was strong enough to counter. OMG Network live price is headed towards the critical resistance zone of $4.00 and will be looking for a positive breakout if the bullish momentum is sustained for a longer time. The CMP is placed at $3.61 with an overall gain of 2.46% bringing the market capitalization to $503,928,487 resulting in a gain of 2.80%. The 24-hour volume traded has reached $595,946,103 resulting in an incline of 4.34%. 

OMG Network Live Price Heading Towards Critical Resistance Zone 

Source: Tradingview

The technical chart of OMG Network highlights the significant retracement faced by the price levels after touching the critical resistance area of $5.00. The price levels went straight down to the critical support area of $2.50 resulting in almost 50% retracement. The support level did provide a positive bounce back to the support levels and during the current market session, the price levels looked to have a positive crossover above the resistance line placed at 0.618fib level. 

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The Relative Strength Index (RSI) is constantly retesting the overbought region while sustaining at the bullish level of 60.77. 

The Moving Average Convergence & Divergence (MACD) looked vulnerable for a bearish crossover after gaining significant bullish levels above the signal line. 

The Directional Movement Index (DMI) is showcasing bullish nature as ADX had a positive crossover against +DI. 

Resistance Level: $4.00 & $4.90 

Support Level: $2.90 

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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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