- OMG Network trading in falling channel pattern and looking for a positive breakout
- The pair of OMG/BTC jumps over +11.72% in intraday & stands at 0.00010008 BTC
OMG Network trading in falling channel pattern over the monthly time frame (One-Day) indicates a bearish trend. After making a high of $5.04, a profit booking pulls it to a lower $2.05. It is currently trading under the significant moving averages of 21, 50 and 200-Days, indicating a bearish sign for a short term. Currently, it is facing the resistance of 21-DMA and 50-DMA. Resistance levels on the higher side are placed at $3.50 and $4.40; on the other hand, support is placed at $2.30 and $2.00. The volume is not much to support a positive breakout now. Over the last seven days, it slips over -8.54%, and the pair of OMG/BTC jumps over +11.72%.
On a daily chart, at a 4-Hours time frame, OMG making a positive rally after making a low of $2.20, and a recovery pulls it to the levels of $2.70. It is currently trading at the price levels of $2.71 with an intraday gain of +11.72%. Volume traded in the last 24-Hours is $214,370,281, and total market capitalization stands at $377,294,943. However, it gains over +31.85% from its low of $2.05 to $2.70. A short term correction is expected in coming trading sessions as an indicator suggesting.
The Relative Strength Index (RSI) indicates positive strength of OMG Network and trading at 54.04, currently heading towards the overbought zone after a bounce from the oversold zone. A short term correction is expected as it looks overheated.
Moving Average Convergence Divergence (MACD) currently indicates the bullish trend on the daily chart as it gives a positive crossover with the significance of Bull’s line (blue) over Bear’s line (orange). However, a bearish crossover is expected in coming trading sessions.
Support levels: $2.30 and $2.00
Resistance levels: $3.50 and $4.40