OMG Network Price Analysis: OMG Regaining Momentum After Retracing From its First Resistance

  • OMG Network, after a retracing from higher levels is now ready to retest its previous resistance level of $5.48
  • The pair of OMG/BTC is trading at 0.0001069 BTC with an intraday gain of +4.63% 
source:tradingview

OMG Network is slowly moving towards its resistance mark of $5.48, after a correction for higher levels. However, a parabolic move is observed from a lower level. The Resistance on the higher side is placed at $5.48 and $6.50. Meanwhile, the support on lower levels is situated at $3.10 and $2.50. Presently OMG is trading above major moving averages of 20,50.100 and 200-Day (DMA), However 50-DMA ($3.75) is acting minor support on the lower side. OMG, on account of ranking, is placed at 67th position with market capitalization increased by +1.16%, standing at $693,672,677.  

Source:tradingview

OMG, on the daily is trading on the bullish note while following a strong up-trendline, and we expect the movement to extend from current levels. The higher side’s key Resistance is $5.48 and $6.50, which can test in an up-coming trading session. Currently, OMG is trading at a level of $4.92 with an intraday gain of 2.14%, while the volume jumped over +11.42%, standing at $737,351,075. The daily chart support is placed at $4.50 and $4.20, while Resistance on the higher side is placed at $5.00 and $5.20. 

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Relative Strength Index (Bullish) indicates a bullish momentum while trading at 63.93. However, it is currently heading towards an overbought zone after recovering from lower levels with no sign of weakness.   

Moving Average Convergence Divergence (Bullish) currently indicates a bullish trend on the daily chart as giving a positive crossover with the significance of Buyer’s line (green) over seller’s signal line (red) with no sign of weakness.    

Support levels: $3.10 and $2.50

Resistance levels: $5.48 and $6.50

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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