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- 1 Osmosis price is currently trading at $0.503, with an increase of 0.6% during the intraday session.
- 2 OSMO’s price trades above the 20-day EMA but is still below the 50,100 and 200-day EMAs.
- 3 The year-to-date return of Osmosis is -26.35%.
After OSMO’s price broke the major support level of $0.75, it has been in a strong bearish trend and broke the yearly low of $0.676. Recently, the cryptocurrency’s price formed support at $0.45 and then rose. The bullish rally was halted at $0.52, and the price retraced toward $0.48.
The price again bounced after forming support at $0.48 and is currently headed toward the immediate resistance of $0.52. If the Osmosis price can break and close above $0.52, the price might lead toward $0.55, causing a move of roughly 5.56%. After $0.55, the next resistance level is at $0.58.
On the other hand, if bears can push the price below $0.48, it might melt toward $0.45, causing a loss of approximately 6%. The market capitalization of Osmosis has also increased by 2.57% to $251 million, but the 24-hour trading volume is down by 3.94%.
Development In Osmosis Ecosystem
Cryptodep, a crypto analytics platform, recently released a report of the top decentralized finance projects by developer activity. According to the report, Osmosis posted the most development activity in the past 30 days while Uniswap and Kyber networks hold the second and third positions, respectively.
Osmosis also celebrated its yearly anniversary in June, and the community anticipates the introduction of the Osmo 2.0 tokenomics upgrade, coinciding with the platform’s second-year operations. The update will help Osmo solidify its position as the leading hub for cosmos DeFi applications, fortifying the ecosystem and fostering sustainability.
Will OSMO Price RIse Above Its Yearly Lows In Upcoming Days?
The cryptocurrency’s price has crossed the 20-day EMA, indicating rising bullish momentum in the market. Chaikin money flow score is 0.09, suggesting strength against USDT. Currently, the price is stuck in a consolidation zone and is headed toward the resistance level of $0.52.
The relative strength index (RSI) is trading at 49.29, indicating that the price is in neutral territory and facing equal pressure from bulls and bears. The price has formed support at the 20-day SMA of Bollinger and is headed toward the upper band, which resides at $0.53.
Conclusion
The market structure and price action of Osmosis indicates that there is rising bullish momentum in the price. Still, the price is currently in an indecisive phase, consolidating between the $0.48 and $0.52 range.
Traders should wait for the break of the consolidation zone before looking for any bids. The technical parameters also suggest that the price is indecisive and must close above $0.52 for a potential upward move.
Technical levels
Major support: $0.48 and $0.45
Major resistance: $0.55 and $0.58
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.