OMG Network Price Analysis: Will OMG Hit $8.00 This Week?

OMG bounced back from the support of $4.90
  • OMG price action bounced back from $4.90 to $6.74 on Wednesday’s trading session
  • The 24-hour volume in OMG is at $700,112,188 with a 39.45% decrease
  • The OMG/BTC pair was trading at 0.0001173 BTC with a loss of 1.48%

The 4-hour technical chart of OMG price action forecasts a positive trend. According to pivot points, OMG’s critical support level is placed at $4.90. Whereas if it moves up, the key resistance level to watch is $7.80. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish pin bar candlestick pattern representing bearish reversal with medium reliability.

SMA-21 & 50 acts as another strong support in the coin. SMA-21 (purple) intersects above the SMA-50 (white), which projects the beginning of a bullish trend. The price is also above SMA-50. Investors may perceive a positive crossover in the SMA, and the price will also follow positive direction.

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RSI indicator (BULLISH), with a value of 64.47, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 45 to 65 in the index, and it may surge in future trading sessions.

The volume of (356.223K) represents a moderate buying volume which is below the Volume MA (362.675K) of 20-days. High buying pressure is required in OMG to drive its price to higher levels.

Indicators Suggest Positive Move For OMG Price

OMG price traded at $6.74 with a neutral move of 0.04% in the last 24-hour and 20.88% up in the weekly time-frame. Furthermore, OMG bounced back from the support of $4.90. In contrast, the market capitalization stands at $957.52 million. Technically, investors can perceive a positive crossover in SMA, and the price is above the 21-SMA. RSI index showcases an upward slope. Moreover, the price movement can be towards the resistance of $7.80 in future trading sessions.

Resistance: $7.80

Support: $4.90

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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