- The RSI line shows a bearish divergence concerning the OMG token price
- The OMG/BTC pair was trading at 0.0002724 BTC, with a gain of 4.46%
- The OMG coin’s 24-hour trading volume is $1.68 Billion
On October 14th, the OMG token made a new ATH of $18.12, indicating this level as possible resistance when the price was rejected from this level with an evening star pattern. The retracement phase started, and the price plunged to the significant support level of $13. With the presence of 20 EMA at the same level, the token price obtained buying pressure to bounce back with a morning star pattern.
Concerning the EMAs, the OMG token prices trade higher than the EMAs 20, 50, 100, and 200, projecting a bullish alignment in its chart. Moreover, the 20 EMA is providing strong dynamic support to the price.
The RSI value of 56 indicates a bullish trend within the OMG token. However, the RSI also shows a bearish divergence in its chart and displayed a significant drop for a minor retracement.
The OMG Token Features A Rounding Bottom Pattern
After bouncingAfter the bouncing from the $13.2 support, the OMG token price was able to reach the nearest resistance of the $15.6 mark. Though the token price faces good resistance from this level, the overall structure indicates a rounding bottom pattern. And If the price could break this overhead resistance, the token has a reasonable possibility of reaching the $18.7 mark.
The Moving average convergence divergence(MACD) indicator supports OMG’s current price action, as its lines have just crossover above the neutral zone, indicating a bullish momentum regarding this token.
Conclusion: The technical outlook for the OMG token is strongly bullish; though the RSI indicated some weakness for this token, the price action still looks positive. As mentioned above, the chart suggests a possibility of a bullish pattern, and the crypto trade can consider a long trader in this token once the price gives a breakout from the $18.7 mark.
Resistance – $15.6