Osmosis price analysis: The OSMO coin is showing strength by indicating Parallel channel

• The Osmosis coin continued momentum upwards into the rising parallel channel (white) over the 4-hour price chart.
• In terms of the 4-hour price chart, the OSMO investors maintain the price above the significant moving averages (including 20,50,100, and 20 MAs).
• Osmosis coin with the Bitcoin pair price is trading at 0.0002143 satoshis, which is 6.38% incline.

After retesting the crucial support level at $7.0, the Osmosis coin price has been moving upwards into the rising parallel channel (blue). At the time of writing, the OSMO coin price is trading positive by 3.10% at $9.417 level. For the past 2-days the bulls have been trying to breach this following channel but bears turned every rise into a sell-off. 

The Osmosis coin has crucial support at $7.0 (retested multiple times), and the resistance sits at a psychological round level at $10. More than 20 days have passed since crypto price has been stuck in this range in the midst of the battle between bears and buyers. Any huge spike could happen after breakout of these levels either it can be upside or downside. However, the Osmosis coin with the Bitcoin pair price seems bullish by 6.38% at 0.0002143 satoshis.

Over the past 24-hours, the Osmosis coin has gained 29% of the trading volume. The volume to market capitalization ratio is 0.02248. For the past several days, the coin price reflects the considerable spikes in the daily price chart but buyers failed to breach the parallel channel. In terms of-hour price chart, crypto price is moving higher above the major moving averages (including 20,50,100, and 200 MAs).

With a price of $10, sellers have a crucial selling point

In terms of the 4-hour price chart, the RSI shows a bullish indication after retesting the oversold zone (30-level). Same as daily RSI reflects the bullish momentum in the coin price, where the long-term holders may take advantage of this sign. However, the MACD indicator is moving higher in the positive region over the 4-hours chart. 

Conclusion 

It seems the Osmosis coin price is about to break out of this rising parallel channel because the price has spent enough time. If bulls succeed in jumping the price above the psychological round level of $10, we could see the bullish move until the ATH mark.

Support level – $7.0 and $5.5

Resistance level – $10 and $15

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.