OMG Network (OMG) Breaks Above $4.00 Amid Bullish Rally of 20.00%

OMG Network has entered critical resistance zone with breakout above $4.00
  • OMG Network has been one of the top gainers during the current market session by rallying about 20.00%
  • The OMG/ETH pair also traded significantly positive with an overall gain of 16.41% bringing the current level to 0.003248 ETH
Source: Coinmarketcap

The intraday chart of OMG Network reflects on the astonishing bullish performance made by the price levels providing a positive breakout above the bullish mark of $4.00. The crypto asset hinted at this bullish move beforehand by having a positive breakout above the resistance level of $3.80. The CMP is placed at $4.03 having an overall gain of 16.41% bringing the market capitalization to $574,951,796 resulting in an uptrend of 18.39%. The 24-hour volume traded has reached $907,682,182 causing a fresh surge of 103.09%. It must be noted that the price levels must sustain above the bullish mark of $4.00 for further capitalization of the current positive move. On the charts, significant retracement has been witnessed during previous occasions which also spreads a word of caution among the investors. 

OMG Network Enters Critical Resistance Zone on Technical Chart

Source: Tradingview

The technical chart of OMG Network highlights the bullish performance of the price levels while facing moderate corrections at regular intervals. During the ongoing positive move, the price levels provided a positive breakout above the resistance line which is placed at 0.236fib level hinting at strong emergence of the bulls. If the crypto asset is able to maintain sustainability above 0.236fib level, it might target the next crucial mark of $5.00. On the contrary, a negative breakout below 0.236fib level might allow the support line placed at 0.786 into play. 

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MACD (BULLISH): The levels have formed a bullish crossover on the chart and currently showcasing no signs of retracement indicating more upside for the digital asset. 

RSI (BULLISH): The levels had a positive breakout to the overbought region and looking to sustain within it. The current level stands at 71.35. 

DMI (BULLISH): +DI had a positive crossover against ADX suggesting a strong buying sentiment prevailing for OMG in the market. 

Resistance Level: $4.10 & $4.50 

Support Level: $3.50 

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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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