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- The asset looks weak as the OMG Network token has broken out of an ascending parallel channel.
- The bulls are attempting to rebound OMG price above the green signal line of the Super Trend indicator.
- The OMG token belonging to the bitcoin pair is trading at 0.0001152 Satoshis, which is slightly up by 1.6%.
As long as the bears manage to break through the ascending parallel channel, the OMG network was looking extremely bullish. From there, the OMG token price action formed a double bottom for buyers above the $3.6-important support level and a breakout of the neckline ($4.5-level) pushed the asset price higher by over 55%.
OMG Token remains down this week with a loss of 17%. Thus, at the time of writing, OMG is trading at $5.04, with a loss of 1.3% as per CMC data. Furthermore, the OMG token belonging to the bitcoin pair is trading at 0.0001152 Satoshis, up a little over 1.6%. However, the bulls are attempting to reverse the OMG price above the green signal line of the Super Trend indicator.
The daily trading volume bar remains below the average moving line (blue), indicating low volatility in the OMG token. On the other hand, traders saw a 2% increase in its trading volume compared to the previous night. Meanwhile, the volume to market capitalization ratio is 0.3225.
What should be the next step?
Important moving averages (such as the 20, 50, 100 and 200 EMAs) are visible above the OMG token. However, the bulls are trying to push the asset above the 20 EMA in terms of the daily price chart.
The RSI is at 47-point and it is trying to retest above its halfway line in terms of the daily price chart. However, the RSI may resist halfway during an uptrend.
Similarly, the ADX indicator is at 42, indicating a strong bullish trend for the HTE OMG network.
conclusion
Looking at the current market scenario, OMG holders need to push the token price above the 20-day moving average to get back in the game.
Support level – $3.6 and $3.0
Resistance level – $5.0 and $7.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
