OMG Token Technical Analysis | INVESTORS WILLING TO BUY A DIP
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And today we present to you a technical analysis video on OMG Token!
The OMG Network project aims to make Ethereum more attractive and scalable while simultaneously cutting down its carbon footprint.
Witnessing a fall of 17.5% in the past 24 hours, the OMG Token is currently trading at $8.89. A breakdown will cause a downfall to the support level of $4.5.
Furthermore, the bullish breakout of the channel is always a possibility until the pattern’s fruition. In such a case, resistance levels are at $10.5 and $13.
The MACD and signal lines are above the zero mark suggesting a buy. However, the bearish crossover by the MACD line over the Signal line indicates the overall market momentum seems bearish. Prices are expected to fall for the day.
RSI slope finds support near the 50% mark after the rejection near the 66% level, resulting in a bearish divergence pattern.
The increase in selling pressure, along with the bearish indication mentioned above, warns investors to stay careful. Investors hoping to buy the dip can wait for a more significant correction in the OMG price.
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