OMG Network(OMG) Price Analysis: Is The Final Test Before Zooming?

  • OMG Network(OMG) Price broke a long term resistance and gave a 13% surge
  • OMG Network (OMG) can surge towards an all-time high of $6.36 after testing the support,
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OMG Network prices surge 13% on January 18, 2021, due to a sideways triangle breakout. The coin may continue to surge further and reach its all-time high of $9.45. Strong resistance exists at $4.45 and $5.5 levels. The market cap and 24 hour volume are $533,206,245 and $155,653,358 respectively.

Triangle Breakout: OmiseGo(OMG) Price May Surge By 145% 

OmiseGo
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OMG Network(OMG) Coin gave a breakout and surge by 13% within a day on January 18, 20210. Later it got resistance at $4.44 levels, and the con declined to retest the support of $3.8. It seems as if the coin is preparing for a very long term bull run, which can take the coin towards the high pf $9.47.

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The VWAP is $3.81 and provides support to the coin currently. 

The Bolinger bands have contracted, suggesting sideways movement. The upper band provides resistance at $4.26 who the lower band and the median are at $3.53 and $2.80, respectively.

The stochastic has given a sell signal in the overbought territory, pointing towards a higher possibility of downward movement towards the support of $3.2.  

The MACD(8,21,5) projects divergence between the signal line and the slow line, increasing the possibility of sideways or downward movement. The MACD lines are at 0.15 levels, and their immediate support is 0. 

The ADX line is at 20.36, a sign of a weak trend. The DI+ and DI- are at 26.6 and 15.36, which shows that the bulls dominate the trend. The DI+ is in a downward trajectory, which can initiate a reversal for the bull run. 

Conclusion

The OMG Network Coin successfully broke out of a long term symmetrical triangle, which initiated a bull run for the coin. The surge in price by13% and volumes confirmed the breakout. However, the coin reached its resistance at $4.44 and is now about to retest the Bollinger band Base’s support or the diagonal support line. 

Resistance: $4.44 and $5.54

Support: $3.53(Base BB) and $3.00 support line. 

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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