- The RSI line has shown a slight bearish divergence concerning the OMG token’s price
- The OMG/BTC pair was trading at 0.0002719 BTC, with a gain of 0.69%
- The OMG coin’s 24-hour trading volume is $2.27 Billion
As I mentioned in my previous article about OMG, the token’s price rebounded from $8.2 and maintained a rounding bottom pattern in the daily time frame. The price has now reached the $13 neckline, which can provide an excellent long opportunity for trade if the price gives a decisive breakout from this level. Anyhow, there were many cases where the rounding bottom pattern turned out to be a Cup and Handle pattern. Thus, crypto should be patient for a proper signal before entering the market.
The OMG token prices trade higher than the EMAs 20, 50, 100, and 200, projecting a bullish alignment in its chart. In addition, the token price is obtaining dynamic support from the 20 EMA.
The RSI value of 70 indicates a bullish trend. Anyhow, the Crypto Investors may also notice a bearish divergence of price action, which could indicate weakness in the bullish rally.
The OMG Token Resonating In A Small Range
The OMG token price fluctuated between $10.1 to $8.2 for more than three weeks, creating a narrow range on its chart. However, on 29th September, the token price gave a strong breakout from the overhead resistance providing an excellent entry opportunity for crypto traders. Later, the price also breached the high of the fakeout made on 21st September, providing a safer entry for them.
The Moving average convergence divergence(MACD) indicator shows that the signal and MACD lines are moving high above the neutral zone(0.00), indicates a super bullish momentum for this token.
Conclusion: The technical outlook for OMG token is strongly bullish. As and as mentioned, the price has reached the neckline of the bullish pattern. The coin trades only have to wait for a proper breakout to trigger a long trade for them. Moreover, after the $13 level has been breached, another resistance these trade have to look out for is the $15.
Support: $13, $15.3
Resistance – $11.2, $10.2