OMG Technical Analysis: Price Has Broken Its Recent High at $9.11, FIB Retracement Is Formed at $9.16

Ankita  |  Sep 10, 2021

Before mainstream businesses consider building their products and applications on Ethereum, OMG Network believes the network's significant speed and cost barriers need to be overcome. Thus, the OMG Network project aims to make Ethereum more attractive to businesses and projects that want to scale while simultaneously reducing their carbon footprint. OMG Network accomplishes this through its plasma-based sidechain solution, which can help reduce electricity consumption by up to 99%, as well as fees by about two-thirds while ensuring assets remain secure on the Ethereum network. Let us look at the OMG technical analysis.

Past Performance

On the 2nd of September, the price opened at $6.77 and on the 9th of September the price closed at $8.77, there is high volatility in OMG in the last seven days. The current price of OMG is $9.18, up 8.06% in the last 24 hours.

TradingView Chart

OMG Technical Analysis

MACD and EMA lines are above the zero range, suggesting a buy. There is a bullish crossover and the MACD line is rallying above the EMA line on the chart, suggesting the buying pressures are high on this horizon.

The RSI is currently at the 68.90% mark. It took support at 59.83% and shot up. Indicating the buying pressures overtook the market also, another support is taken by RSI at 67.24% suggesting the buying pressures are gaining momentum. Hence, if the buying pressure continues to prevail, we might expect the RSI to enter the overbought region soon.

On the daily chart, the OBV is upward sloping, suggesting the increase in volume as the interest of investors is growing for OMG.

Day-Ahead and Tomorrow

The OMG price has broken its recent high at $9.11 and is at a crucial stage. If the price gains momentum, it will test FIB retracement formed at $9.16. Moreover, if the price breaks out of this level, it will move up to the next retracement level formed at $9.23.

However, if the price breaks down at the FIB retracement level at $9.16, it will try to gain support at the level of $9.11. Thus, if the selling pressure overtakes the market, the price will break down till the next support level.

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