- The 20-day EMA is providing strong dynamic support to the OMG token price
- The OMG/BTC pair was trading at 0.0001904 BTC with a loss of 0.49%
- The 24 hr trading volume in OMG is $1.16 Billion
In its big picture, the OMG Token displays an excellent opportunity for Crypto traders with a rounding bottom pattern. Following this pattern, the price has shown a remarkable rally, which has wholeheartedly rewarded the trend traders so far. However, the price is currently struggling to overcome the formidable barrier of the $10 mark, providing strong resistance to the token price.
The crucial EMA’s shows that the OMG token’s price is trading higher than the EMAs 20, 50, 100, and 200, indicating a bullish trend. Moreover, the 20 EMA is providing strong dynamic support to the token’s price.
The RSI value(BULLISH) stands at 54, indicating a bullish sentiment about the price movement. However, the Crypto Investors may notice a slight bearish divergence concerning the price action, suggesting weakness in the bullish rally.
The OMG Token Price May Enter Into A Small Consolidation Phase.
The OMG token price has fluctuated between $10 and $8.4 for almost two weeks now, creating a narrow range in the OMG/USD chart. The Crypto traders interested in this token could have an excellent entry opportunity with the new range. These traders need to wait for the token price to break out from either level of this range.
The MACD indicator (BULLISH) shows both the MACD line and signal lines have provided a bearish crossover of these lines, projecting a sell signal for Crypto trades. Moreover, these lines are also on the verge of crossing below the neutral zone, indicating the bears are trying to take over the coin.
Conclusion: From the technical perspective, The OMG token has a bullish outlook regarding its price action and indicator, making a favorable scenario for trend traders looking for long entry opportunities in the crypto market.
However, as mentioned, the token price is moving in a short range, and traders need to be patient till the price gives a breakout from its crucial level, which could provide them a strong directional move in this token.
Support– $8.4
Resistance– $10