- The ECOMI price trades at $0.000982 with an intraday loss of 7.07%.
- The OMI price has slipped below the 20-day EMA.
ECOMI (OMI) price has been facing resistance multiple times from the $0.001200 mark. Since February, the OMI crypto price has witnessed slow and steady gains and recorded a 52-week high of $0.00136 on March 12, 2024. After the 52-week high, it failed to sustain, and the bears dragged down the price by 28.83% in just 4 days.
According to the chart, the ECOMI crypto price cannot sustain the $0.001200 level in a broader time frame and shows price rejection. At the lower end, the sellers have tried many times to drag down the price below the $0.000600 mark, but buyers have managed to defend and lift the price to a 52-week high.
At the time of writing, the ECOMI price is trading at $0.000982, which has dropped by 7.07% in the last 24 hours. The market capitalization is $265.36 million, and the 24-hour trading volume is $1.19 million.
Technica Analysis of OMI Crypto Price Over 1-Day Timeframe
In a daily time frame, the ECOMI price has faced resistance from $0.001200 thrice in a month. It has witnessed selling pressure for the last four days and has dropped below the pullback zone.
Currently, sellers dominate, and the price has slipped below the 20-day exponential moving average. If the price is sustained below the EMA, it may melt to the 100-day moving average in the next few weeks.
If the OMI price drops to the 100-day exponential moving average and fails to defend, sellers may become confident, leading to a bearish trend and record a new all-time low.
Alternatively, if the ECOMI crypto price bounces back and surpasses the 20-day exponential moving average, it may follow its recent slow and steady gain trend. But if the price rises over the $0.001200 level and is sustained, then buying momentum for the long term can be expected.
The RSI is at 48 which has dropped below the RSI-based moving average, indicating a negative forecast. The price has dropped below the 20-day EMA and heading for the 100-day EMA showcases bearish momentum.
OMI Crypto Price Has Formed an Ascending Triangle Pattern on 4-H Timeframe
In a 4-H time frame, the ECOMI price has formed an ascending triangle pattern and has slipped below the trendline. Currently, it is taking support on the 200-day moving average. If the price fails to defend the 200-day exponential moving average and sustains, sellers may drag the price to the $0.000700 hurdle.
On the other hand, if the ECOMI crypto price manages to defend the 200-day EAM and bounces back, then the sellers may be trapped on breakdown. If the price rises to the resistance level of $0.001200 and sustains, buyers may lift the price further, and a buying trend can be expected.
Conclusion
According to the technical chart, the ECOMI crypto price has been bullish and has risen by defending the previous lows. Recently, it recorded a 52-week high but failed to sustain itself. It also showed strong price rejection, which resulted in a fall of 28% in just 4 days. For more than a year, the OMI crypto price has been unable to sustain over the $0.001200 mark.
Technical Levels
Resistance: $0.001200 & $0.001800
Support: $0.000730 & $0.000600
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.