- The OSMO coin price has given a breakout from an ascending triangle at $1.64.
- Osmosis price year-to-date return is around 8.56%.
- Technical indicators summary suggested a positive signal in the current trading phase.
Osmosis (OSMO) is an ecosystem of sovereign, interoperable blockchains connected trustless over internal blockchain communication protocol (IBC). It is a decentralized exchange (DEX) for Cosmos. Osmosis is an independent proof-of-stake (PoS) blockchain with its own validator set. The platform aims to build a cross-chain native DEX and trading suite that connects all chains over IBC.
OSMO Coin Price Reflected Enormous Strength from October 2023
Osmosis price experienced a potential bullish reverse from the $0.22 support level in October 2023. The price spiked over 250% and broke above the $0.55 supply level, shifting market sentiments toward the bullish bias.
The price reached the $0.82 level and made a bullish correction on the $0.60 support level. It surged almost 227% from that level by forming impulsive bullish candles. It resulted in a breakout of the $1.64 significant resistance level on December 26, 2023.
Consequently, the price formed a bullish point of interest (POI) at $1.56. It rose 24% from the POI and made a new resistance of $1.96, which is currently becoming a supply zone. The current price is facing selling pressure from that zone.
The total supply of OSMO coins stands at 998 Million OSMO. The 24-hour trading volume has declined by 20.79%, ranked 228th among all the 8,958 active cryptocurrencies. And the all-time high price of Osmosis is at $11.21.
Technical Analysis of the OSMO Coin
The Osmosis price rebounded by the 50-day EMA, indicating a positive signal in the current trading phase. However, if the price slips below the 50-day EMA, a short-term fall can be expected to the 200-day EMA.
Conversely, the price faced intense selling pressure from the $1.96 resistance level. The price fell 31% to the $1.34 support level, making $1.96 a decent supply zone. The price surged 36% to the supply zone and faced resistance.
OSMO coin price has given a breakout of an ascending triangle at $1.64. It is facing resistance from the $1.84 level. It formed several bearish candles from the $1.84 level. The price can claim the $2.00 level if it closes above the $1.84 supply level.
The relative strength index (RSI) shows neutrality over the current market price momentum. The RSI line is moving at 52.42, parallel to the spot price chart.
Summary
The Osmosis price has been performing in a bullish trend since October 2023. It reached the $1.96 resistance level in December 2023. The current price shows a lack of bullish strength, which can lead to a fall. However, the OSMO coin price can reach $2.00 if it slips above the $1.84 supply level.
Technical Levels
- Resistance Levels: $1.84 and $2.20
- Support Levels: $1.34 and $1.08
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.