OMG Network Price Analysis: OMG Price Can See A Downtrend Up to $8

OMG price can show correction in upcoming days
  • OMG price has seen a gain of 0.89% in the 24-hour time frame. Meanwhile, the OMG/BTC pair sees a consolidated momentum with a decrease of 1.28%
  • OMG Network is built as a scaling solution for the Ethereum network. In contrast, it has seen a gain of more than 162% from the start of the year
Source:Trading view

OMG Network price is currently at $8.44 with a gain of 0.89%. OMG price has formed an Elliot impulse wave on the daily chart. According to the waves, the price can see a drop down up to $8. After that, it can see an uptrend till $10.It also highlights the possibility of forming a corrective wave that can push the price further down below. One can wait until there is a clear view of the scenario where the price will go and then make the trade.

OMG is currently ranked 86th, with a market capitalization of $$1,187,844,612.The volume ($$690,026,301) of the coin has decreased by 27% in the 24-hour time frame. The volume to Market capitalization ratio for the coin is 0.5739. If the ratio goes above 0.8, then a buying rush can be seen.

Technical Indicators Projects A Correction For OMG Price

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The weekly technical chart for OMG showcases a bullish momentum. OMG shows signs of bullish momentum on coming to the daily chart. Its price is trading above 50 and 100 Moving Average. The 50MA price is at $5.74, making it temporary support for the coin. The coin’s resistance on the upside will be at $9, and on the downside, it will see a bounce back from $7.73. OMG price has broken the double top region and sustaining above it on the 4 hr chart. If the price breaks 10% above the current scenario, then a strong bullish momentum up to the point of $10 can be seen.

RSI(Bearish): It is currently trailing at 61.81, showcasing its presence in the overbought zone. There is negative slope formation in RSI, which suggests bearish momentum. The overall sentiment of the RSI is bearish.

Conclusion

OMG, price projects a downtrend for upcoming months.OMG scaling solution for Ethereum has created the trust of investors. The OMG/BTC pair can also see a bullish move. An Investor should do their due diligence before investing.

Technical Levels

Major Support:$7.7

Major Resistance:$9

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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