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•OMG/USD is currently transacting at $2.37 and has increased by 1.29% over the past day
•The trading volumes have increased by 4.61% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will OMG Network bulls be able to ward off the bears?
The OMG Network price today is $2.37 USD with a 24-hour trading volume of $116,732,904 USD. OMG Network is up 1.29% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap ratio stands at 0.3505 for the altcoin.
There is a resistance level placed at $2.75 for OMG Coin where the bulls will attempt to capture the downside. If they succeed, it would show that the sentiment has flipped to bullish. After that, the bulls will again attempt to push the price to $3.50. The asset is currently transacting below the 20,50 SMA on the four-hour chart which is indicative of the bearish trend. If the bulls push the price above the downtrend line, OMG Network Coin can rally to the 20-day SMA. This level could act as a stiff resistance again and if the bears are able to lay down a marker, the altcoin could tumble down towards the support level placed at $2.
Long Term View for OMG Network
The downward sloping moving averages and the RSI near the oversold zone show that the bears are in charge. The RSI for OMG Coin is transacting at 35.73. The OMG Network Coin is struggling to attract buyers at the current price levels as is demonstrated by the stagnant green histograms on the daily MACD chart. The choppy price action is demonstrated by the MACD and signal lines transacting in the negative territory on the daily chart as well.
Conclusion
The OMG Coin technical analysis shows that the altcoin is currently in a downtrend. The bulls are likely to defend the immediate support level aggressively but if they fail in their attempt, the pair could start the next phase of the downtrend.
Support: $2-$1.50
Resistance: $2.75-$3.50
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.
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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.
