OMG Technical Analysis: May Fall Below the First Support Level of $12.31
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OMG Technical Analysis: May Fall Below the First Support Level of $12.31

May 7, 2021      Ankita Awasthi

OMG network is a public blockchain network that is faster and more cost-efficient than the Ethereum blockchain. It has advanced privacy and security features too. Users can create novel digital financial services on this network and connect with third parties to offer advanced financial solutions. OMG is the prime governance token of this network and the technical analysis is as follows:

Past Performance

On April 30, 2021, OMG started trading at $7.27. On May 6, 2021, OMG closed at $13.14. Thus, in the past week, the OMG price has soared by 81%. In the last 24 hours, OMG has traded between $12.07-$14.50.

https://s3.tradingview.com/snapshots/v/VMvYB0j9.png

https://s3.tradingview.com/snapshots/v/VMvYB0j9.png

Day-Ahead and Tomorrow

Currently, OMG is trading at $12.94. The price has decreased from the day’s opening price of $13.12. Thus, the market seems to be downtick.

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The MACD and signal lines are negative. Hence, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Both the lines are close to the zero line and may change signs soon. Hence, we can expect the price to start rising in some time after an intermittent price pullback.

The RSI indicator is currently at 41%. It faced rejection at 45% and fell to the current level. Thus, selling pressures are high. Hence, in conjunction with the MACD oscillator, we can say that the RSI indicator is showing a price pullback.

As of now, the OBV indicator is upward sloping. There is bullish divergence here as buying volumes are greater than selling volumes. High buying activity will push the price upwards.

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OMG Technical Analysis

In short, when we look at all the three oscillators together, we can say that the price is likely to rise after a temporary price pullback.

Currently, the price is below the Fibonacci pivot point of $13.24. It may fall further below the first support level of $12.31. Thereafter, we have to wait and watch to see if the price starts rising.

The price has tested and fallen below the 61.8% FIB retracement level of $13. It may soon fall below the 74.6% FIB retracement level of $12.64 as well. If the price retests and breaks out of the 23.6% FIB retracement level of $13.93, by day end, then the bullish trend 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.