OMG Network Price Analysis: 145.00% Growth Within 2 weeks

OMG price is retracing back a little providing an entry opportunity
  • OMG coin has given an extraordinary breakout to give 145% move in just 12 days by making a 52 week high of $11.37
  • In comparing these 12 days, OMG outperformed BITCOIN by increased growth of 120%

OMG coin gave a breakout of the cup and handle pattern daily to bring an impressive up move of 145%. The breakout increased the OMG coin market capitalisation from $939,899,779 to $1,411,671,688. The 24hour volume of the coin is $629,682,154 (-46.25%). 

BOOSTED UPTREND AFTER CONSOLIDATION 

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OMG coin in the 4-hour time frame has undergone a second wave of consolidation, giving the reinforced uptrend a possibility. The regenerated uptrend could raise the price to $12. A Wyckoff consolidation idea is seen in the 4-hour timeframe. A downside breakout is also a possible situation. If the price moves down, the support level of $7.93 and 50 EMA and 200 EMA could help bounce the price up.

50 EMA (yellow) is above 200 EMA (white), denoting an uptrend. 50 EMA is just below the price in a 4-hour timeframe to provide immediate support. 

The relative strength index (neutral) is at 51 and is moving down. This is a conventional behaviour of RSI during consolidation. 

Conclusion

 A retest of cup and handle pattern breakout would have been an ideal entry, but it is unlikely to happen in the present condition. However, the breakout of second wave consolidation could make a great entry point. Many signals predict the up move, but still, one must be very careful before taking an entry. 

Support – $7.93, 50 ema

Resistance – $11.37

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Vishal Dixithttp://www.thecoinrepublic.com
Vishal Dixit is a technical analyst with over a year of experience in the Indian stock market. He likes to read, learn and practice more about cryptocurrency, Forex, and Equity. He possesses strong technical and analytical skills in the financial market which comes from a strong background as a chemistry graduate and chess enthusiast.

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