- The RSI line has shown a substantial divergence concerning the OMG token’s price
- The OMG/BTC pair was trading at 0.0002295 BTC, with a gain of 11.38%
- The OMG coin’s 24-hour trading volume is $1.3 Billion
As mentioned in my previous article on OMG, the token price bounced from $8.2 by displaying a long wick hammer candle. The technical chart shows the rounding bottom pattern is still intact, holding a great long opportunity for them. The price is currently charging towards the formidable resistance of $10.5, maybe for another attempt at a breakout. The OMG token’s current price at $9.5 is a gain of 3.01% intraday.
The OMG token price trades higher than the EMAs 20, 50, 100, and 200, indicating a strong bullish trend formation. Moreover, the 20 EMA is providing strong support to the token price.
The RSI value is at 58, indicating a bullish trend. Moreover, the Crypto Investors might notice a bearish divergence in price action, showing weakness in the bullish rally.
The OMG Token Resonating In A Small Range
For more than three weeks, the OMG token price has been wobbling between $10.4 and $8.4, which created a narrow range in its chart. This small range may be an opportunity for crypto traders to enter the coin market. However, the traders will need to wait for the token price to break out from this range with proper confirmation, as the chart has shown few fakeouts within this range.
The MACD indicator (BEARISH) shows that signal and MACD lines have just moved above the neutral zone (0.00), indicating bullish momentum in this coin.
Conclusion: the OMG token’s technical outlook is bullish. As we mentioned, the price of OMG token fluctuates in a narrow range and with significant RSI divergence. Before entering the coin market, Crypto traders need to wait for the token price to move beyond the critical levels of its range.
Support: $8.4
Resistance – $10