- The 20-day EMA providing strong dynamic support to the OMG token price
- The OMG/BTC pair was trading at 0.0002586 BTC, with a gain of 0.38%
- The OMG coin’s 24-hour trading volume is $836.2 Million
As I mentioned in my previous article about OMG, the token’s price maintained a rounding bottom pattern in the daily time frame. The neckline for this pattern was at $15.3, holding an excellent long opportunity for crypto traders. Furthermore, on October 2nd, the token price provided a decisive breakout from this resistance, luring even more buyers in this coin.
However, the price couldn’t sustain above this level, and by forming an evening star candle pattern, the price was pushed below this broken level.
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 62 indicates a bullish trend within the OMG token.
The OMG Token In The 4hr Time Frame Chart
After the OMG token provided a fakeout from the $15.3 mark, the token price has not yet shown a proper follow-up for a downfall. The OMG token price is currently wavering between $15.2 and $13.7, creating a narrow range on its chart. A breakout from this short range should offer a decent idea for the token’s further course. The current price of theOMG token is $14.3, with an intraday gain of 2.23%
The Moving average convergence divergence(MACD) indicator shows that the signal and MACD lines have crossed below the neutral zone(0.00), suggesting a bearish momentum for this token.
Conclusion: The technical outlook for OMG token is still bullish, and this sudden price reversal could be considered a minor pullback for now. However, the long traders can mark the crucial support for this token and decide how much of the retracement they can handle.
Support: $13.7
Resistance – $15.3