- The OMG token price is receiving strong support from the 20-day EMA.
- OMG/BTC pair was trading at 0.0002076 BTC, with a loss of 2.73%
- The OMG coin’s 24-hour trading volume is $832.3 Million
When many of the ALT coins are experiencing a strong fall, the OMG token has managed to sustain above near support of$8.2, maintaining a rounding bottom pattern in the daily time frame. However, the $10.4 still remains a formidable barrier, as the price having the hardest time to cross above it. The current price of OMG token is $8.75, with an intraday loss 3.44%
The OMG token’s price trades higher than the EMAs 20, 50, 100, and 200, indicating a bullish trend in this token. Moreover, the price is provided with strong dynamic support of the 20 EMA.
The RSI value is at 53, indicating a slightly bullish sentiment regarding price movements. However, the Crypto Investors might notice a slight bearish divergence in price action, projecting weakness in the bullish rally.
The OMG Token Displays A Short Range In The 4hr Time Frame
For almost three weeks, the OMG token price wavering between $10.4 and $8.4, creating a narrow range on the OMG/USD chart. This small range could offer a great entry opportunity for crypto traders who are interested in the token. These traders will need to wait until the token price breaks out of either level in this range. Moreover, the chart has shown few fakeouts from this range, and Thus, only after a proper confirmation after the breakout will trigger an entry opportunity for these traders.
The MACD indicator(BEARISH) shows the MACD and signal lines have provided a bearish crossover and breakdown from the neutral zone, indicating bearish momentum for the token.
Conclusion: The technical outlook for the OMG token remains bullish. However, as mentioned above, the token price fluctuates in a narrow range, with substantial RSI divergence. Thus, the Crypto traders need to wait until the price gives a proper breakout from the crucial levels of the range before entering the coin market.
Support- $8.4
Resistance – $10
