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OMG Technical Analysis: May Soon Fall Below the Fibonacci Pivot Point of $5.21


cryptoknowmics.com 15 June 2021 08:21, UTC
Reading time: ~2 m

The OMG network is a non-custodial, trustless, fast, secure, and cost-effective blockchain platform for transferring value on the Ethereum blockchain. It facilitates real-time and borderless transactions in digital currencies, thereby supporting a wide range of banking and finance activities. OMG is the prime governance token of this ecosystem and its technical analysis is as follows:

Past Performance

On Jun 8, 2021, OMG opened at $5.37. On Jun 14, 2021, OMG closed at $5.20. Thus, in the past week, the OMG price has decreased by roughly 3%. In the last 24 hours, OMG has traded between $5.12-$5.31.

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Day-Ahead and Tomorrow

Currently, OMG is trading at $5.27. The price has increased from the day’s opening price of $5.20. Thus, the market seems bullish.

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst an overall bullish trend.

Currently, the RSI indicator is at 59%. It faced rejection at 62% and fell to the current level. Hence, selling pressures are slowly increasing. High selling activity will push the OMG price downwards.

Besides, the OBV indicator has also started falling steadily. Thus, selling volumes are slowly overtaking buying volumes. The OBV indicator is giving further credence to the intermittent price pullback indicated by the other two oscillators.

In short, all three oscillators have given negative signals. However, we have to wait and watch if this price pullback is temporary price corrective action or the commencement of a bearish trend.

OMG Technical Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $5.28. It may soon fall below the Fibonacci pivot point of $5.21. Thereafter, we have to wait and watch if the price resumes its upward journey or falls further.

The price has tested and fallen below the 23.6% FIB retracement level of $5.26. The price may soon test and fall below the 38.2% FIB retracement level of $5.24 as well. If the price retests and surpasses these levels by day close, then probably the price uptrend is strong. In that case, the price will continue to increase tomorrow as well.


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