OMG Network(OMG) analysis: OMG Coin Price Trading in Symmetrical Triangle Pattern Looking for A Breakout

  • OMG coin price is riding within the symmetrical triangle pattern looking for a breakout for the aggressive targets, currently placed near major moving averages
  • The pair of OMG/BTC is trading at 0.00008426 BTC with an intraday loss of -1.38%
Source:tradingview

OMG Network (OMG) coin is trying to escape from the symmetrical triangle pattern. The Breakout from the current pattern can give the targets of $5.15 and $2.05. The coin is trading at the price level of $3.23 with an intraday gain of +7.48%. The support on lower levels can be considered $2.30, and $1.95, likewise, resistance can be considered $3.95 and $5.20. Currently, OMG is placed near the major moving averages of 50, 100 and 200-Days. 

Source:tradingview

OMG coin price on the daily chart trades on bullish momentum, making higher highs and lower lows followed by the rising support line. After testing the level of $3.95, short selling is observed at higher levels. The higher side’s resistance is considered $3.95 and $4.20 for the short term. Likewise, support on lower levels is placed at $2.70 and $2.45. The volume of $250,215,193 is recorded in the last 24-hour time frame. While the market capitalization stands at $448,544,354 with the intraday gain of +6.89%. 

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The Relative Strength Index (RSI) indicates a bullish momentum while trading at 51.97. Currently, it is heading towards the overbought territory after testing the oversold region. 

Moving Average Convergence Divergence (MACD) currently indicates a bullish trend on the daily chart as it gives a positive crossover with the significance buying signal line (green) overselling line (red). 

Support levels:  $2.30 and $1.95

Resistance levels: $3.95 and $5.20

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Pratik Chadhokarhttp://www.thecoinrepublic.com
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.

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