OMG Technical Analysis: Price Fell Below $8.49, What’s Next?
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OMG Technical Analysis: Price Fell Below $8.49, What’s Next?

April 6, 2021      Ankita Awasthi

The OMG network is a blockchain platform that is speedy, cost-efficient, and highly secured for running Ethereum projects. It is a robust platform for digital transactions and banking & finance. Businesses can significantly reduce time-to-market with this network. OMG is the customized token of this network. As per the previous OMG technical analysis, the price surpassed the resistance level of $6.31.

Past Trends

On March 30, 2021, the opening price of OMG was $6.83. As of April 5, 2021, the closing price of OMG was $8.70. Thus, in the past week, the OMG price has surged by approximately 27%. In the last 24 hours, OMG has traded between $7.99-$8.78.

OMG Price Analysis

https://www.tradingview.com/x/UnHru2CU

Day-Ahead and Tomorrow

Currently, OMG is trading at $8.32. The price has declined from the opening price of $8.69. Thus, the market looks bearish.

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The A/D indicator has been falling slowly. However, as of now, whale accumulations are still on the higher side. Thus, the price is likely to rise with intermittent price pullbacks.

The MACD and signal lines have turned negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bearish. Hence, we can expect the price to drop further.

Currently, the RSI is at 48%. It faced rejection at 34% and rallied to the current level. Thus, buying pressures are increasing gradually. Thus, we can expect the price to start rising after a brief price pullback.

OMG Technical Analysis

As per technical analysis, the price has fallen below the Fibonacci pivot point of $8.49. As the bearish forces are strong as of now, we can expect the price to fall below the subsequent support levels of $8.01 and $7.71 respectively.

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The price is soon likely to test and fall below 61.8% FIB retracement level of $8.29. If the bears remain strong, by day close, we can expect the price to fall below 138.2% FIB retracement level of $7.69. In that case, the price downswing is expected to continue tomorrow as well.

#OMG #OMG Network
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.