OMG Network price analysis: OMG breaks above $14 barrier, as bullish momentum dominates

TL;DR Breakdown

OMG Network price analysis is giving bullish hints today.The nearest resistance is found at $14.92.The nearest support for OMG is found at $12.42.

The OMG Network price analysis is on the bullish side today. Bulls have taken the price up to $14.3 today, after a continuous decline for the past week, which was expected after hitting the all-time high at $16.6 on 4th October. Today OMG bulls swiftly broke the price above $14 resistance, now aiming for the next resistance at $14.9. On the contrary, support for OMG/USD pair is present at $12.4.

OMG/USD 1-day price chart: OMG price recovers till $14

The 1-day price chart for OMG Network price analysis shows the price had recovered well above $14 after yesterday’s plunge when the price stooped as low as $12.8. Currently, the OMG/USD pair is trading hands at $14.39 at the time of writing. The cryptocurrency had gained around 5.7 percent value during the last 24 hours but still reports a loss of nearly 16 percent over the course of the last seven days due to the downwards trend of the past week, when the OMG/USD went through significant loss. OMG/USD trading volume has also increased by 64 percent, and the market cap is also up by 5.6 percent.

OMG/USD 1-day price chart. Source: TradingView

The OMG/USD is highly volatile at the present time as the Bollinger bands started diverging sharply on 29th September, and now the indicators have taken an upwards breakout, as the lower band is now converging more as compared to the upper band going further up. The mean average of the indicator provides support to the price as it moves upwards towards the moving average (MA). If the price takeover the MA level, then it will be a further bullish indication.

The relative strength index (RSI) is on a steep angle moving towards the overbought zone at index 60; though the RSI indicator is still in the neutral zone, it indicates the intensifying buying activity in the market, which is helping the price function in moving upwards.

OMG Network price analysis: Recent developments and further technical indications

The 4-hour price chart for OMG Network price analysis further confirms the bullish momentum. The first eight hours of today’s session proved worthy for the cryptocurrency value, as a steep increment in the price of OMG/USD was noted during the hours, but selling pressure kicked in when the price went near the upper limit of the Bollinger bands, and a reversal from $14.6 has been observed during the past few hours.

OMG/USD 4-hours price chart. Source: TradingView

As can be seen on the 4-hour price chart, the volatility has been comparatively low since 9th October, when the Bollinger bands converged closely. In the present circumstances, the upper band at $14.8 presents the resistance level for OMG/USD pair. In contrast, the mean average of the indicator at $13.9 presents the support.

The RSI is hovering at a score of 52, and the indicator’s curve is absolutely horizontal, indicating a competition between the two sides of the market, as the buying activity is canceling out the selling pressure.

Overall technical indicators support the bullish side of the market, with a majority of 14 indicators giving buy signals, including the Momentum and SMA20, while two technical indications are for selling off the OMG assets, including SMA10 and MACD oscillator indicator. However, 10 technical indicators stand neutral and do not side with either trend of the market.

OMG Network price analysis: Conclusion

The OMG Network price analysis reveals the OMG/USD pair price recovered well today after a downtrend for the past few days. The extremely high volatile situation of the cryptocurrency at the present time provides equal opportunity for the price to move in either direction, but if bulls consolidate enough to take the price above the MA level, then a further upside may follow. But if selling pressure persists, then the downside may extend to $13.5.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *