OMG Network is a non-custodial, layer-2 scaling solution built for Ethereum. OMG Network is a scaling solution for Ethereum that enables users to transfer ETH and ERC20 tokens significantly faster and cheaper than when they transact directly on the Ethereum network.
As part of its mission to make Ethereum more attractive to businesses and projects, the OMG Network project aims to help companies and projects reduce their carbon footprints while scaling. This is achieved with its plasma-based sidechain solution, which can reduce electricity usage by up to 99% compared to Ethereum and cut fees by about two-thirds while ensuring assets are secure on the Ethereum network itself.
Let us look at the technical analysis of OMG.
The current price is $6.40, which is down by 7.72% in the last 24 hours. The volume of trading for OMG is $562,172,150 down by 21.56% in the last 24 hours.
Currently, the RSI is at 65.30%, the RSI took a sharp downswing after the resistance at 77.21%. For quite some time, the RSI entered the overbought region, but it resisted soon. The selling pressures are overtaking the market.
MACD and EMA lines are well above the zero range, thus suggesting a buy. The MACD is above EMA on the daily chart, indicating the buying pressures are more than the selling pressures.
On the daily chart, OBV is upward sloping, with a keen interest in the increase in the trading volume and a strong indication of the prices going up.
The current price is below the pivot point of $6.771. The resistance retracement is formed at $7.13. Although the price may show signs of a downward trend, we can expect the price to take support at the second support level of $6.08 if the buying pressure overtakes the market the price will gain support and bounce back. Look out for the FIB levels of $6.81, $7.10.
Keep a lookout for the 4 hourly windows, while indicating a strong upturn for today and tomorrow for OMG. The various support levels indicated are $6.667, $7.063, $7.308, and $7.705 for the next few trading days.