OMG Technical Analysis: Price Broke Out of First Fibonacci Pivot Resistance Level of $8.79

OMG Network is a blockchain platform that allows developers to create decentralized apps on the Ethereum blockchain. It facilitates financial inclusion and interoperability. Highly scalable Ethereum rollups, plasma, and faster exits are distinct features of this network. OMG is the native token of this ecosystem and its technical analysis is as follows:

Past Performance

On May 11, 2021, OMG opened at $10.06. On May 17, 2021, OMG closed at $8.47. Thus, in the past week, the OMG price declined by roughly 19%. In the last 24 hours, OMG has traded between $8.43-$8.91.

https://platoblockchain.com/wp-content/uploads/2021/05/omg-technical-analysis-price-broke-out-of-first-fibonacci-pivot-resistance-level-of-8-79.png

Day-Ahead and Tomorrow

Currently, OMG is trading at $8.80. The price has increased from the day’s opening price of $8.48. Thus, the market seems to be 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. Moreover, both the lines are close to the zero line and may turn negative soon. Thus, a price pullback or trend reversal is likely.

The A/D indicator has fallen steeply. This implies that whale distributions are higher than whale accumulations. Heavy offloading of the crypto will push its price downwards.

Currently, the RSI indicator is at 51%. It faced rejection at 54% and fell to this level. Thus, selling pressures are high. Hence, we can expect the price to start falling.

In a nutshell, when we look at all the oscillators together, we can say that the price is likely to start declining. However, we have to wait and watch to see if it is a temporary price pullback or a bullish trend reversal.

OMG Technical Analysis

Presently, the price has tested and broken out of the first Fibonacci pivot resistance level of $8.79. It may soon surpass the second resistance level of $8.90 as well. Thereafter, the price may start falling.

Currently, the price has tested and broken out of the 23.6% FIB retracement level of $8.80. However, the price is soon likely to retest and fall below this level. As of now, the bulls seem strong. In that case, any price fall may be a temporary price correction amidst a positive trend. We can expect the price uptrend to continue tomorrow as well.