- The OMG Network price is looking bullish after interrupting a kind of descending triangle pattern.
- The OMG token’s price action appears to be in the rising parallel channel in a higher time frame.
- As of now, the OMG network token is observing near below the $6-mark POC, which located the highest liquidity in the last 4 months.
The OMG Network is looking extremely bullish after returning from its 2022 low of $3.32. From there, OMG token price action formed a double bottom for buyers above the $3.6-important support level and a breakout of the neckline ($4.5-level) propelled the asset price up by over 55%.
However, near the formation’s neckline ($4.5-level), OMG faltered, but again a minor retracement phase propelled a solid recovery and the Supertrend indicator finally entered the green zone on March 20, which affirmed the directional trend.
During a bullish trend, the OMG Network token was trading at $5.9 at the time of writing, up 6.1% according to CMC. Thus, the OMG/BTC pair price is slightly bullish by 1.9% at 0.0001286 Satoshis.
The bulls are about to hit the $6-digit POC, which has the highest liquidity in the last 4 months. The bulls need to build higher volumes to thrust the coin price above the long-term resistance. However, OMG saw its trading volume drop by 20% last night. Meanwhile, the volume to market capitalization ratio is 0.3553.
OMG holders happy with token’s high returns
The 100 EMA appears to be a short-term base area for buyers as price retests this area several times on the daily graph. However, the 200 EMA remains a long-term resistance area, challenging the current directional trend.
The daily RSI is at 72-mark and it is trying to reach the doors of the overbought zone. However, the RSI looks above the semi-line after a long time frame, so buyers may attempt to hold the price higher on the side of the RSI indicator.
Similarly, the ADX indicators are indicating a strong bullish trend for the OMG Network.
Conslusion
There is no doubt that the bulls were able to reverse the short-term bearish trend into an upward move but the 200 EMA remains as an important bullish barrier. So buyers need to push OMG tokens in huge quantities.
Support level – $3.6 and $3.0
Resistance level – $7.0 and $12.7
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.