- OHM token price action shows a falling channel in the price chart.
- The OHM/BTC pair trades at 0.009669 BTC with a 7.76% rise in the past 24 hours.
- The 24 -hour volume of the token is $64 Million, indicating a 75% rise.
The OHM token price has been continuously falling after failing to sustain above the $1050 DAI mark. Moreover, the falling price results in the formation of a downward parallel channel in the daily chart. However, the falling prices stabilize near the $450 DAI horizontal level.
Additionally, the EMAs showcase temporary bearish alignment as the price breaks below the 200-period EMA in the 4-hour chart. Moreover, the 50 and 100-day EMA are giving a bearish crossover which will increase the overall negative attention of the OHM token.
Furthermore, the price action of OHM tokens has shown lower price rejection and the pivot point suggests support levels around the $360 and $165 DAI mark if the price exhibits unprecedented bearish pressure. Additionally, on the upside, the resistance line is located at $630 as well as at the $875 DAI mark.
At the time of writing this analysis, it is around $459, with an intraday rise of 4.65%.
Will The OHM Token Price Break Above The $500 Mark?
As we’ve already discussed, it appears that the OHM token is increasing the chances of a bullish reversal and the price action shows lower price rejection with multiple engulfing candlesticks. Therefore, it is evident that the bulls are retrieving trend control gradually.
The RSI indicator is a sign of an increase in the underlying bearishness as the slope falls from the central mark to the oversold zone territory below the 70% mark.
Furthermore, the MACD, as well as the signal line of the Moving Average convergence divergence indicators, are both moving lower towards the neutral zone (0.00) while maintaining a bearish alignment. Therefore, it indicates that the token is experiencing selling pressure.
Conclusion: From a technical perspective, the OHM token indicates decreased trend momentum. However, the lower price rejection with the bullish candles in the daily chart indicates high chances of trend reversal. Therefore, the indicator shows increased chances of the $500 DAI breakout.
Support – $360 and $165
Resistance – $630 and $875
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.