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- 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
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
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
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
