- OMG worth has fallen to lows of $1.85 after rejecting around $2.50.
- The 15% dip is likely as a consequence of revenue taking, a state of affairs that threatens flipping momentum to the bears.
- Technical indicators recommend bulls want to hold at present levels or danger retreating to main help close to $1.68.
OMG Network price rose to its highest worth degree since August 2022 late final week, hitting highs of $2.50 on main exchanges. The worth surge for OMG happened as bulls capitalised on constructive crypto sentiment amid turmoil in the banking sector, with prices rising significantly over the weekend.
The coin has additionally pumped despite current delisting news from Coinbase.
However while OMG/USD stays greater than 32% greater in the seven-day timeframe, it has dipped over 15% up to now 24 hours. On the time of writing, OMG was trading round $1.89, with its bullish momentum at risk ought to bears handle to brief term strengthenig.
OMG worth day by day worth outlook
Revenue taking deals look like behind OMG worth retreating sharply prior to now few hours. As seen on the day by day chart under, OMG’s failure to breach resistance at $2.50 has seen it retrace to lows of $1.85 (knowledge from TradingView).
The every day RSI is dipping in the direction of the center line to recommend weak spot from bulls. In this case, bulls have to hold help at $1.80 to stop further losses. If the bearish state of affairs persists, its probably OMG will revisit demand zones at the 200 EMA (near $1.68).&
The 50-day EMA might supply another anchor round $1.56.
OMG Community day by day worth chart. Supply:& TradingView
OMG worth Four-hour outlook
On the 4-hour chart, OMG is dealing with an previous resistance degree from February around $2.00, whereas bulls must maintain above the highlighted orange zone to stop additional massacre. As might be seen under, the Four-hour RSI has flatlined close to the middle line to recommend bulls try to take management recent buy OMG offers.
OMG worth Four-hour chart. Supply:& TradingView
Preventing a flip into oversold territory is vital, with this more likely to be helped if the MACD line does not slide further. The histogram can also be barely adverse to recommend bears are nonetheless robust.&
As famous earlier, a downside swing from current prices might see OMG bulls attempt to defend the primary help space round $1.68. On the upside, constructive sentiment is more likely to strengthen with costs above $2.34.
The submit OMG price outlook: OMG Network dips 15% amid profit taking appeared first on CoinJournal.
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