OMG Network Price Analysis: OMG Coin Oscillators Looks Overbought, But Rally is Not Over Yet

The OMG coin price is increasing upwardly, around 2.3%, during the intraday trading session.
The 24-hour trading volume is at $2,488 billion.
OMG/BTC pair is also trading positive by 1.3% at 0.00017492 BTC.

Daily technical chart and OMG co i n price trend are showing an upward trend. Based on the pivot level, the initial support level is 11.10 USD. From another perspective, if it accelerates, the resistance level to watch is 6.0 USD. Although the chart created a shooting star candlestick pattern during the day, the price is expected to continue to fall, but the reliability is low.

Ichimoku Cloud is composed of lead-1 and lead-2, and the displacement value is 1. It operates as a pivot level and leading indicator of asset price changes. Investors can see that the price breaks through the Red Moku Cloud and now slips past the Green Moku Cloud, so the cost is above the Green Moku Cloud, ensuring the upward trend of OMG.

Trading volume (7.21 M) is lower than the 20-day moving average (10.04 M). In short, the high volume of transactions caused the price to break through the resistance zone. Investors may also notice that the volume bar on the chart is inclining, which indicates that surprising volatility is expected in the next trading day.

An RSI indicator gave an (Overbought) signal with 80, projecting a sell signal in the coin. Investors may observe an inclining slope from 56 to 80. It may plunge in future trading sessions.

OMG Coin High Buying Pressure Initiated

OMG Network’s price today is 9.24 USD, with a 24-hour trading volume of 2,451,899,390 USD. The price of OMG has fallen -0.4% in the past 24 hours. There are 140 million OMG coins in circulation, with a total of 140 million. The RSI indicator shows a sell sign, and the traders have led to high volume. Technically, the price resides around the resistance zones and continues in a higher trend. Accordingly, as with the overall market viewpoint, the trend remains bullish for upcoming trading sessions.

Resistance Level: $11.10

Support Level: $6.0

Digibyte Price Analysis: Candle is Red But Trend Cycle Flips to Green »

« Theta Fuel Price Analysis: Oscillators Marks a Hidden Bearish Divergence

Categories: News

Nikhil Ingole: Mr, Nikhil Ingole is a Chief Editor at The Market periodical with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.