- After shedding round $2.50, OMG fell to $1.85.
- The 15% decline is probably going as a result of revenue taking, a situation that threatens to trigger momentum for the bears.
- Technical indicators recommend that bulls want to carry at present ranges or danger a retreat to major help close to $1.68.
On the finish of final week, the worth of OMG Community rose to its highest worth stage since 2022. August and hit a excessive of $2.50 on main exchanges. OMG’s worth spike got here as bulls took benefit of constructive sentiment in cryptocurrencies amid turmoil within the banking sector, sending costs hovering over the weekend.
The coin additionally rallied regardless of the latest information of its delisting from Coinbase.
However whereas OMG/USD stays greater than 32% larger over the seven-day interval, it has fallen greater than 15% over the previous 24 hours. On the time of writing, OMG was buying and selling round $1.89, and its bullish momentum is in danger if the bears handle a short-term rally.
OMG Value Day by day Value Outlook
The value of OMG appears to have dropped sharply in the previous few hours as a result of revenue taking trades. As will be seen on the every day chart under, OMG’s failure to interrupt above the resistance at $2.50 has led it again to $1.85 (knowledge from TradingView).
The every day RSI is declining in the direction of the midline, indicating weak spot. On this case, the bulls want to carry the $1.80 help to keep away from additional losses. If the bearish situation persists, OMG is prone to revisit the demand zones on the 200 EMA (almost $1.68).
The 50-day EMA might provide one other anchor round $1.56.
OMG Community Day by day Value Chart. Supply: TradingView
OMG Value 4 Hour Outlook
On the 4-hour chart, OMG faces outdated resistance ranges from February round $2.00, and bulls want to carry above the highlighted orange zone to keep away from additional bloodbaths. As seen under, the 4-hour RSI has settled on the midline, indicating that the bulls try to take management with new buys in OMG.
OMG worth 4 hour chart. Supply: TradingView
It is extremely vital to forestall a transfer into oversold territory, so it may possibly assist if the MACD line doesn’t transfer additional. The histogram can also be barely damaging, indicating that the bears are nonetheless robust.
As talked about earlier, because of the present worth swings, OMG bulls could attempt to defend the important thing help space round $1.68. Optimistic sentiment is prone to strengthen as soon as costs rise above $2.34.
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