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OmiseGo OMG price analysis, 7 May 2019; slow down trend ruling

OMG price analysis 7 may 2019

Currently, OmiseGo (OMG) market is bearish temporarily. However, crypto is presently exchanging beneath the 200-phase moving mediocre on the 4hrs time frame.

OMG has recently experienced a little action, besides some pointers remained encouraging, the future seems unwelcoming.

Similarly, OMG’s mid-term position is slow, with the crypto incapable of moving above its 200-day moving average. A large inverted head and shoulders  form is currently valid on the daily time frame

OmiseGo OMG price analysis, 7 May 2019; slow down trend ruling 1OmiseGo OMG price chart created with Trading View

OMG/USD: Short-term cost study

OMG is experiencing a bearish tone in its temporary phase. On the other hand, crypto is trading well beneath the 200-period moving average on the 4hrs time frame.

4hrs time frame is displaying a pattern of several heads and shoulder hence resulting in declining of the pair. The technical indicators turned slower as the OMG/USD writhed to mend.

Dealers must note that the present trading low is the shortcoming objective of the minor head and shoulders pattern.

In addition, the RSI sign on 4hrs time frame turned bulls and sustained in generating a buy sign. The MACD sign is endeavoring to turn bulls.

OmiseGo OMG price analysis, 7 May 2019; slow down trend ruling 2OmiseGo OMG price chart created with Trading View

OMG/USD: Mid-term cost study

OMG is experiencing a slow tone in its mid-term trading position, while crypto is still powerless in exchanging above the 200-day moving average.

The daily time frame has continued depicting usable inverted head and shoulders pattern, though purchasers are trying to move the cost above the neckline of the bullish pattern. Technical indicators are neutral and have failed in generating a clear trading signal.

However, dealers should focus that the target of bulls on the daily time frame will take OMG/USD to the trading high.

The RSI indicator is also rising on the daily time frame. And the MACD sign is unbiased and failed in generating a rich trading sign.

OMG is trying to turn bulls through both time horizons in spite of the present positive retrieval in crypto and the bulls on the daily time frame.

However, if purchasers failed in rallying OMG/USD duo higher temporarily, the bear pattern may start working.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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