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- The OMG Network token is looking bearish at the $1.6 support level.
- Trading volume is down 35% to $14.2 million in the last 24 hours.
- The OMG/BTC pair price is down 1.2% at 0.000008859 Satoshi.
OMG Network (OMG) price is looking bearish as buyers struggle this week. At the time of writing, the OMG token is trading at the $1.7 mark against the USDT pair. The bears are selling the altcoin aggressively, as a result, the price has reached cheaper prices in the year of 2022.
Price action shows a low-high trend over the past several weeks. Amidst this trend, buyers have registered several strong attempts to reverse the trend, but they have failed so far. However, the bulls are still active despite the bearish market and they are attempting to accumulate OMG tokens near the 52-week low.
In terms of the daily price scale, OMG Network price is trading below the significant moving average. Amid downtrend, the 100 EMA stood to be a key hedge zone of bears buyers may again see sell-off at this point.
The $1.6 level provides support and the $2.0 level acts as an immediate resistance resistance level. Trading volume has declined 35% in the last 24 hour at $14.2 Million. Moreover, the OMG/BTC pair price is down 1.2% at 0.00008859 satoshis.,
RSI Moves Towards Semi-line
In terms of daily time frame, the RSI indicator is looking down below the semi-line (50 level), but RSI Peak makes a higher-low formation. Besides, the MACD is looking sideways in the negative region.
Conclusion
The OMG network token is sideways nowadays. Meanwhile, bears have several attempts to pump asset prices below the $1.4 support level. Below this key hedge zone, buyers may see steep decline until the $1.0-round level.
Support level – $1.4 and $1.0
Resistance level – $2.0 and $3.0
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
