OMG Technical Analysis: Breakout Rally Struggles To Jump Above $1.50

OMG price action shows a sideways trend above $2.30 with the gradual increase in buying pressure hinting at a bull run above the $3 mark. Key technical points: The OMG price has increased by 5.67% in the last 24 hours. The price action shows a sideways trend above the $2.30 mark. The 24-hour trading volume of OMG Network is $92.10 Million, indicating a hike of 10.95%. Past Performance of OMG OMG prices show a bullish failure to surpass the 200-day EMA in April, resulting in a downfall under the crucial 50 and 100-day EMAs. The downfall ranges from $6 to the support at $2.30, accounting for deflation of 60% within six weeks. However, the lateral shift of the price trend above the $2.30 mark halts further depreciation and increases the underlying bullish sentiments. Source- Tradingview OMG Technical Analysis OMG price action shows a possible double bottom reversal as the bullish influence grows over the accumulation range. Moreover, the 50-day EMA breakout possibility increases as the buying pressure grow gradually. The crucial EMAs for daily trading (50, 100, 100, and 200-days) continue to fall in a bearish line. Moreover, the 50-day EMA offers dynamic resistance to keep bullish growth in check. Thus, the EMAs exhibit the long-running correction phase. The MACD and the signal lines display an upward trend, increasing buying pressure, as evident by the increasing trend of bullish histograms. The RSI indicator shows an increase in the uptrend currently in progress and is close to the overhead resistance around the halfway point. Additionally, the 14-day SMA is showing an uptrend and serves as an area of support in the event of a reversal. In a nutshell, the OMG technical analysis projects a high possibility of a sideways trend continuation. Upcoming Trend If the buying pressure grows and surpasses the 50-day EMA, the OMG market value jumps over the $3 mark to reach the 100-day EMA at $3.65. However, a bullish breakout failure can lead to a downslide under $2.30 to test the psychological mark of $2. Resistance Levels: $3 and $3.65 Support Levels: $2.30 and $2

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