- OMG Network price is moving higher with the support of an uptrend line after a strong sell off.
- The OMG token is approaching the half line of the Bollinger Bands indicator in terms of the daily price chart.
- The price of the OMG/USDT pair looks slightly down 1.2% at 0.0001168 Satoshis.
The price of the OMG Network token appears slightly higher above the uptrend line (below in the chart). In response to the rejection of the 200 EMA (white), the OMG Network token turned bearish again. In mid-July 2021, OMG experienced an incredible bull market rally, with the crypto gaining around 530% of its price and reaching its all-time high of $20.12.
However, the bulls are trying to hold the asset price down and reach the monthly high of $6.2. Amid the rise, the OMG token has recovered over 7% this week and also breached the previous weekly high.
The OMG token is approaching a half line (20-day moving average) from the daily price chart, following a reversal from the lower levels of the Bollinger Bands indicator. So, as of this writing, OMG is trading at $4.86, or just under 1% over the past 24 hours according to the CMC. Furthermore, the OMG/USDT pair looks slightly down 1.2% at 0.0001168 Satoshis.
Despite the bullish momentum, liquidations have gradually diminished over the past few days and have so far reached $102 million. Moreover, the volume to market capitalization ratio is 0.1483.
Weekly price chart reveals high-low formation
The RSI indicator forms a higher high against the backdrop of the daily price chart and moves above the halfway mark (50 points). On the other hand, the MACD indicator slipped below the neutral zone and remained in the negative zone.
OMG Network Token is charting bullish sentiments, but the trading volume is not in favor of the buyers. The bulls are about to hit the $5.0 mark, then near $5.5 the bulls are likely to face selling pressure.
Support level – $3.5 and $3.0
Resistance level – $5.5 and $7.0
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.