OMG Network Price analysis: Confirmation Due For Pennant Breakout

OMG Price Facing Resistance From 61.8% Fibonacci Level, Bulls And Bears In Deadlock
  • OMG, the price has made a pennant pattern, with pole length $3.237
  • OMG, price gave a breakout but lacked fresh buying pressure 

OMG price has given a breakout from a pennant pattern but hasn’t confirmed it yet, by showing a surge in buying volume. The volume analysis shows that price persists in staying above the support but hasn’t surged considerably. The price range volume analysis shows lower volumes which have equal buying and selling volumes. The market cap and 24-hour volume are $893,066,883 and $558,157,338 respectively. 

OMG Price Facing Resistance From 61.8% Fibonacci Level, Bulls And Bears In Deadlock 

OMG price has taken support from a strong support zone of $5.9-$6.0 to give a breakout from the pennant pattern, but the bulls haven’t shown any signs to ascend the coin ahead. The crucial support lies at $5.9 and $6.0belt, along with diagonal support. If the coin doesn’t surge along with the support, it may decline further and see an exodus of bulls. 

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OMG price is above the 10EMA and 20EMA, which are at $6.3. It is also facing strong resistance from 50EMA and 200 EMA, which are at $6.57 and $6.52, respectively. Price needs to transcend above them to bring in fresh buying. 

The Bollinger Band(median 10EMA) is still contracted; it showed some expansion at the time of breakout but contracted further, signalling a possibility of a fake breakout. The median – 10EMA and lower band are still supporting the price at $6.30 and $5.93, respectively. The upper band is a resistance for the price at $6.68. 

The RSI is at 51 levels. It tried to surge along with the breakout but decline, signalling a possible consolidation. The direction of the coin solely depends on whether it takes support from the diagonal support.

The MACD(8,21,5) also flashed a buy signal for the participants, yet the bulls didn’t enter the coin. The indicator’s line is at 0 levels, so it’s not in the overbought zone either.   

Conclusion – 

OMG price has given a breakout from the pennant pattern but didn’t give a considerable buying pressure. Instead, the price faced resistance from 61.8% Fibonacci levels. Possibly the bulls are waiting for the coin to test the diagonal support. A fall below $5.7 may lead to an exodus of bulls. 

Support: $5.7-$6.3(FIbonacci Levels – 38.2% and 50%) and $6.3 (10EMA and 20EMA) 

Resistance: $6.55, $7.2 and $7.97-$8.00(Fibonacci Levels) and $6.52(200EMA) and $6.57(50EMA)

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Kartik Dhankani
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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