OMG Has the Potential for a Relief Rally Before Dropping Again

2020-11-12 16:46

The OmiseGo (OMG) price has been increasing since Nov 4, when it bounced at the support area of its current trading range.

While the price could increase in the short-term, it appears that OMG is in a longer-term downward trend.

Long-Term Levels

OMG has been moving downward since it reached a high of $9.81 on Aug 21. The price was rejected sharply by the $9 resistance area and left a long upper wick in its wake. Since then, OMG has fallen by a full 62%.

At the time of writing, the price was trading slightly above the $2.80 long-term support area.

Despite this, the weekly Stochastic Oscillator has just made a bearish cross, a sign that the longer-term trend is likely still bearish.

OMG Chart By TradingView Current Trading Range

The daily time-frame shows that OMG has been trading in a range between $2.65 and $4.25, currently changing hands above the middle of the range.

The price reached the bottom of the range on Nov 4 and began to move upwards. OMG has almost reached the resistance area.

OMG Chart By TradingView

Technical indicators support this rally. All three of the MACD, RSI, and Stochastic Oscillator are moving upwards. The RSI has just crossed above 50 and the Stochastic Oscillator has made a bullish cross.

Therefore, the price should reach the $4.30 resistance area. However, due to the bearishness from the weekly chart, we cannot confidently state whether it will break out.

OMG Chart By TradingView Wave Count

Cryptocurrency trader @CryptoTony_ outlined an OMG chart, stating that the price has a final push before dropping sharply.

Source: Twitter

Measuring from the previous Aug 21 high, it appears that OMG has completed a bearish impulse (shown in black below) and begun an A-B-C corrective structure (black).

If waves A:C have a 1:1 ratio, which is common, the C wave could reach a high of $4.55, very close to the previously outlined resistance area.

OMG Chart By TradingView

The shorter-term chart supports this, indicating that the price is in the fifth and final sub-wave (blue) which would complete the C wave.

Connecting the tops and bottoms of waves A and B using a parallel channel provides a very similar target near $4.60, aligning with the previously mentioned targets.

OMG Chart By TradingView Conclusion

To conclude, while the OMG price is likely to increase in the short-term as it moves towards the resistance areas outlined, it’s likely that the price is still in a longer-term downward trend.

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Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

The post OMG Has the Potential for a Relief Rally Before Dropping Again appeared first on BeInCrypto.

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OmiseGO (OMG) на Currencies.ru

$ 0.6709 (+0.64%)
Объем 24H $9.819m
Изменеия 24h: 3.61 %, 7d: 3.92 %
Cегодня L: $0.6638 - H: $0.6714
Капитализация $94.095m Rank 457
Цена в час новости $ 3.4831 (-80.74%)

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Источник: beincrypto.com

omg price → Результатов: 63


OmiseGo Price Analysis OMG / USD: Go, But Where?

OmiseGo has a bullish short-term bias, with the cryptocurrency recovering above its 200-period moving average on the four-hour time frame The OMG / USD pair has a bullish medium-term outlook and is trading back above its 200-day moving average The daily time frame time shows a large ascending triangle pattern OmiseGo / USD Short-term price […] The post OmiseGo Price Analysis OMG / USD: Go, But Where? appeared first on Crypto Briefing.

2019-6-14 16:46


OMG / USD Price Analysis: Depressive State

OmiseGo is bearish in the short-term, with the cryptocurrency still trading below its 200-period moving average on the four-hour time frame The medium-term outlook for OmiseGo is bearish, with the cryptocurrency unable to move above its 200-day moving average A larger inverted head and shoulders pattern still remains valid on the daily time frame OmiseGo […] The post OMG / USD Price Analysis: Depressive State appeared first on Crypto Briefing.

2019-5-7 18:11


Omisego Price Analysis: The long wait for value

The OMG token has enjoyed a recent period of upward price activity following a major testnet launch in mid-February and generally favourable market conditions. Medium and long term fundamental concerns still remain, however, with a market-ready product still appearing a long way off — and a token holding community still smarting from a series of broken roadmap promises.

2019-3-6 16:00


Report: BitHumb fakes 94% of trading volume. Most manipulated coins include WTC, LTC, ETC, XMR, ZEC, OMG, and BTG.

As Yoseph Young explains it, in illiquid markets and trading platforms with inflated volumes, it is relatively easy to manipulate the price of small cryptocurrencies. While it takes many major factors and an unlikely correlation of events to bring down the price of major cryptocurrencies like Bitcoin and Ethereum, researches demonstrate that a similar result […] The post Report: BitHumb fakes 94% of trading volume.

2018-12-20 23:20


OmiseGo (OMG) price hit bottom, forms higher highs while the team responds to the faultfinding Coindesk article

The OmiseGo platform may have been somewhat forgotten but some of the recent developments suggest that the team has decided to lay low and work hard on building the OmiseGo ecosystem. They are in the process of developing the wallet SDK and DEX that will be vital to the utility of the overall network.

2018-11-12 15:45


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