- OMG token as a strong breakout from is falling parallel channel pattern in the daily time frame
- The OMG/BTC pair was trading at 0.0001179 BTC with a gain of 7.56%
- The current price of the OMG token stands at $4.28, with an intraday gain of 10.76
OMG token price finally gave breakout from its parallel channel pattern in the daily time frame, the pattern was highly reliable, and its levels were respected by price many times. Currently, the price is above the trendline backed up the increasing volume; but, investors should let the price close above this level to confirm this breakout.
Regarding the EMA’s, the OMG coin is trading below the crucial EMA’s of 20, 50, 100, and 200, which indicates a strong bearish trend. However, the price is ready to fight the 20 EMA, and crossing above it will be great confirmation for OMG coin bulls.
The RSI value is at 45, indicating a neutral to slightly bullish sentiment as the price has risen strongly after it took support from around the $3 level.
OMG Token Forming A Double Bottom Pattern In The 4hr Time Frame Chart
The OMG coin price in 4hr time frame shows a double bottom formation, adding more motivation to the market bulls. In addition, investors can also notice an amazing volume spike after the price breakout from the resistance trendline, confirming the interest of the market participant in this breakout.
The MACD indicator (BULLISH) shows a bullish crossover of the MACD line and signal line and has crossed above the neutral(0.00) zone, indicating a strong bullish signal. The histogram also shows rising green bars confirming the ongoing bullish movement.
Conclusion: As mentioned above, the price has given a breakout from the parallel channel in the daily time frame, and a breakout from the double bottom in the 4hr time frame; however, the price should sustain above these and investors can also wait for a retest providing more confirmation and better risk to reward to them.
Support– $3
Resistance- $4.2, $5.6