OMG Network Price Analysis: Bulls trapped in last week’s rally, so OMG headed for 2022 lows

  • The OMG Network coin hit a yearly low of $3.32 after sliding off a declining trendline.
  • The OMG token is trading well below important EMAs (such as the 20,50,100 and 200 EMAs) on the daily price chart.
  • The OMG token is trading down 0.9% at 0.0001021 Satoshis with the bitcoin pair.

On the daily price chart, the value of the OMG Network token is falling (in the chart below). In response to the loss of the 200 EMA (white), the OMG Network token turned bearish again. By mid-July 2021, OMG had undergone an extraordinary bull market surge, gaining around 530% of its original price and hitting an all-time high of $20.12.

The bulls are looking to keep the asset price above the yearly low of $3.32 for several weeks. In the midst of a price drop, OMG broke through an uptrend line. As a result, OMG Network lost around 13% of its costs this week.

At the time of writing, the OMG token is trading at $3.95, which is below the last bullish hurdle at $4.0. Thus, traders saw a 1.6% drop in market capitalization with the presence of $553 million in the last 24 hours. Additionally, the OMG token is trading down 0.9% at 0.0001021 Satoshis with the bitcoin pair.

The OMG token is trading well below important EMAs (such as 20, 50, 100, and 200 EMA) on the daily price chart. However, the trading volume saw an increase of 9.3% in 24 hours.

Bulls must wait for recovery confirmation to be received

The daily RSI indicator shows sideways momentum for the OMG token, similar to the 17-point ADX indicator, suggesting an extreme sideways trend for the crypto.

conclusion

The OMG Network token could signal a trend reversal near yearly lows. Despite this, the bulls still need to build their ability to handle a rebound.

Support level – $3.5 and $3.0

Resistance level – $5.5 and $7.0

Disclaimer

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.