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OMG price analysis: OMG Network below 14.7 resistance, what’s next?

OMG price analysis

TL;DR Breakdown

  • OMG price analysis is sideways for today, up by 0.3%.
  • The bulls have found resistance at the $14.7 price level.
  • The nearest support is present at $54k.

OMG price analysis is sideways with the highest price of $14.4 and the lowest price of $13.6 for today. The price action has been bearish in the short term on the daily chart, but we can expect bullish outcomes in the long term.

On the other hand, the data from CoinmarketCap suggests that the coin’s trading volume has surged by 86.25%, standing at 627 million USD, while the market capitalization of the token is up by 0.49% at 1.9 billion USD.

OMG price movement in recent days

The price of the OMG/USDT token for the month of October has been quite optimistic. The monthly candle is up by 11.11% for October, while the highest price for this month stood at 18.212.

On 29th September, a price surge of 15.88% was seen, followed by a 20.61% price surge on the very next day. Furthermore, the price rose by more than 21% on 2nd October, followed by 6.44% on 3rd October.

OMG price analysis on the daily chart using technical indicators

The price action for the OMG/USDT trading pair is above the 50-day and 100-day Moving Averages, indicating that the price action is bullish overall.

A few days ago, we saw the price of the coin break out from the upper end of the Bollinger Bands, followed by a bearish trend in the short term on the 1-day chart.

OMG price analysis: OMG Network below 14.7 resistance, what's next? 1
OMG price analysis on the 1-day chart by TradingView

On the other hand, the RSI indicator reads a value slightly below the 60-level, indicating that the buying pressure is greater than the selling pressure. This means that we can expect higher prices in the future.

Furthermore, the MACD indicator represents a bearish crossover on the 1-hour chart a few days ago. Currently, the MACD line (the blue one) is accelerating below the signal line (the orange one), indicating bearish movement in the short term.

OMG price analysis
OMG price analysis on the 1-day chart by TradingView

OMG price analysis: Conclusion

The OMG network allows users to allow the transfer of tokens based on the ERC20 network with great efficiency and faster rates. This is because it was built as a solution to Ethereum‘s scalability issue.

The long-term and short-term OMG price analysis is bullish as Bitcoin is trading above the $60k price level. Currently, the coin is down by 51.15% from its all-time high. If the bullish outburst for BTC continues, we can expect new all-time highs for altcoins like OMG too.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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