Osmosis Crypto Displays Sustenance Gestures; Can It Shoot Big?

• 1 Recent low trading volume and price have turned around in 2024, indicating increasing interest and activity, and Developer activity is also positive.
• 2 The price of Osmosis could potentially surpass the important 20-day and 50-day EMAs from a lower position.

The price of Osmosis experienced a positive or upward trend in the market between October 20th, 2023, and January 4th, 2024. Consequently, the price value of Osmosis saw a significant increase from $0.2100 to $1.9600, as per the daily chart.

OSMO has performed well in the last six months, gaining 293.15%. However, in the past week and month, the price violated the uptrend from the supply level of $1.9600. As a result, the weekly and monthly charts showed a decline of -31.31% and -33.14%, respectively.

However, the Osmosis crypto has signified a possible turnaround rally coming soon on the daily chart, as the price showed strong sustenance signs at a crucial support level of around $0.8475.

Once again, the OSMO crypto may experience a significant increase. That’s because its price had previously soared from nearby to this level of support, which will push the asset to higher levels from its current supporting range.

Technical Indicator’s Analysis

The Osmosis crypto asset is displaying bullish behavior as the MACD histogram is not growing, which seems stagnant at -0.0354 in the last couple of sessions and confirms the sustenance activity. Similarly, the RSI is at 24.53, highlighting that it can extend its gains as it has been in highly oversold territory for the last couple of sessions.

Meanwhile, The OSMO asset indicates that its bullish strength is coming back, and the probability of its price rising is visible on the daily chart. If buyers come into the market, Osmosis’s price could surpass the important 20-day and 50-day EMA’s from a lower position.

Osmosis crypto has seen an increase of 0.43% in the past 24 hours and is being traded at $0.9190 at this moment of writing.

Therefore, if the demand for the Osmosis price (OSMO) increases from the current support, it could bounce back remarkably. The next target for the price could be to reach $1.20 and $1.40.

Another possibility would be if the price value of OSMO crypto fails to stay above $0.8475, it could also see a further decrease.

Osmosis Volume Analysis

Upon further examination of the chart, it appears that the Osmosis price and trading volume were relatively low leading up to December of 2023. It suggests that there was a notable absence of both interest and activity in the Osmosis asset market, with trading volume remaining under $25 million and the price hovering around $0.45.

However, from the start of 2024, the volume and price continued to rise, and a significant increase in activity was observed. It illustrated increased demand and excitement about the Osmosis price, with trading volume exceeding $25 million to the max of $175 million and rising drastically from $0.45 to $1.96 by January 11th, 2024.

The second week of January 2024 saw the Osmosis price consolidation and volume falling up to April 12th, 2024. Despite this dip, there was sustained support, as volume increased significantly, where the current volume is at 73.4 million.

Osmosis Development Activity

Moreover, the Osmosis highlights healthy developer activity as the developer’s activity contributor’s commit count is also changing over time. The developer’s activity and commit count have exhibited sustained growth in OSMO, and consistent activity is occurring, which is a positive sign. 

This chart highlights that a certain amount of regular work is going on in OSMO crypto, and developers are working seamlessly on it. These metrics highlight positive sentiment in the OSMO crypto.

Summary

Osmosis price trended positively from October 20th, 2023, to January 4th, 2024, rising from $0.2100 to $1.9600. Despite recent declines, signs suggest a potential turnaround rally as the price stabilizes around $0.8475, with indicators indicating a possible increase soon. The current price is trading at $0.9190.

The Osmosis price (OSMO) shows growth potential, with a target range of $1.20 to $1.40 if demand increases. However, failure to stay above $0.8475 could result in a decline. Recent low trading volume and price have turned around in 2024, indicating growing interest and activity, and Developer activity is also positive.

Technical Levels

Support Levels: $0.8475

Resistance Levels: $1.20

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.