The spectacular uptrend of more than 85% in OMG coin price follows into a symmetrical triangle pattern. A massive price jump awaits bullish breakout.
The OMG Network project is built to make Ethereum more appealing to businesses and projects looking to scale up while also reducing their carbon footprint. It is possible thanks to its plasma-based sidechain solution. It can reduce electricity consumption by up to 99% compared to Ethereum, and approximately two-thirds can cut fees. Assets will remain protected by the underlying Ethereum network.
Let us now take a deep look into the technical analysis of OMG Network's cryptocurrency.
OMG price started to rise in an uptrend after breaking above the $10 mark. As a result, the coin price saw an up move of more than 80% in just a few days. However, the rejection near the $16.75 mark caused the formation of a symmetrical triangle pattern.
The price resonates deeper into the triangle pattern, which can shortly result in a decisive breakout.
Source - Tradingview
As of writing, OMG Network's cryptocurrency value is $14.20. In addition, the cryptocurrency's value has fallen by 3.62% in the last 24 hours, with a boom of 45% in the trading volume.
The Pivot Points in the daily graph indicate that the following levels can play an important role. The $16.75 or $21 levels may be an obstacle in the bullish run. Low levels of $13.75 or $10 can act as support.
MACD and signal lines in the daily chart fall below the middle zero mark. The last bearish crossover ensures that the lines are still falling in a bearish alignment. Therefore, the indicator has a bullish signal regarding OMG crypto.
Despite the slow trend momentum, the RSI indicator projects the underlying bullishness is sustained. This signals a solid underlying bullish signal.
The double-edged nature of the situation can be seen in the combination of technical indicators and the price action of OMG Network's cryptocurrency.
For traders, the entry opportunity awaits the breakout of the triangle pattern. We can see a massive jump in coin price upon bullish breakout. Otherwise, a fatal fallout awaits.