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OMG Price Analysis: OMG Token Gathering Bulls to Make a Breakout.

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  • The OMG price is still trapped inside the parallel channel and is about to make a breakout if the bulls will remain consistent.
  • The volume gained 43.16% in just 24 hrs showing the  token is gaining the interest of investors once again.
  • The OMG/BTC pair is at 0.00009071 which is at a gain of 5.50% in it.

OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.

The OMG price is still trapped inside the parallel channel of resistance and support of $2.85 and $2.20 respectively over the daily graph since mid of May 2022. The price is just trading on the waves of a sideways trend, the token needs to gather buyers to make a jump over this boundation in which the price is trapped. The bulls need to make a bounce back to the bearish dominance. The OMG bears are overwhelmed and playing with the bulls. Till then the token has a buffer time so it needs to attract buyers and use this time.

The price is currently trading at $2.76 over the daily chart with a gain of 5.34% in its market capitalization in the last 24 hrs. The token has a volume of 131 million with a significant gain of 43.16% in the 24 hrs trading session and a market cap of 387 million. The volume market cap ratio is 0.337.

What do Technical Indicators Suggest About OMG?

The crypto asset is currently trading above the exponential moving average of 5 days. This time it looks like the bulls will make the token fly over this parallel channel.

The MACD indicator is indicating a bullish movement as the MACD line is moving above the MACD signal line and no signs of a negative cross over can be observed as the gap between the two lines is increasing slowly with the green histograms rising.

The relative strength index is moving towards the oversold region indicating the continuous increase in buyings. The current value for RSI is above 50.

ALSO READ – MicroStrategy stick to their guns on Bitcoin

Conclusion

The OMG price is still trapped inside the parallel channel of resistance and support of $2.85 and 2.20 respectively over the daily graph since mid of May 2022. The bulls need to make a bounce back to the bearish dominance. It looks like the bulls are taking the situation seriously as the technical indicators are indicating a bullish run and the price is about to make a breakout to the resistance of $2.85.

Technical levels

Resistance levels: $2.85 and $3

Support levels: $2.40 and $2.20

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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