OMG Network is an Ethereum based blockchain network. Its prime aim is to achieve higher scalability for Ethereum transactions. Furthermore, it makes use of a protocol called ‘Plasma’ and OMG is its native token. In August 2020, the world’s leading stablecoin Tether had integrated on the OMG Network because of the average fees on the Ethereum network. Past Trends On March 12, 2021, OMG started trading at $5.19. As of March 18, 2021, the price closed at $6.08. Thus, in the past week, the OMG price has risen by roughly 17%. In the last 24 hours, OMG has traded within the price range of $5.56 and $6.34. https://ift.tt/30ZMLp8 Day-Ahead and Tomorrow Currently, the OMG price is $6.12. It has increased from the opening price of $6.08. Thus, the market looks bullish. The OBV indicator is upward sloping. So, buying volumes are higher than selling volumes. High demand for crypto will push the OMG price upwards. Thus, we can expect the price to go up further. The MACD and signal lines have turned negative. Thus, the market momentum has become bearish. However, a bullish crossover by the MACD line over the signal line implies that we can expect a temporary price pullback amidst an overall bullish trend. The RSI indicator faced a bearish swing rejection at 47% and is currently at 46%. Thus, RSI is indicating high selling pressures. Heavy offloading activity will lead to a drop in the price. Hence, a price pullback may be on the horizon. OMG Price Analysis Currently, the OMG price is above the Fibonacci pivot point of $6. By the end of the day, we can expect the price to surpass the first Fibonacci pivot resistance level of $6.31, after brief price pullbacks. Look at the 4-hour window for direction. The price has breached the 38.2% FIB retracement level of $6.05. By day close, if the price tests and breaks out of the 23.6% FIB retracement level of $6.17, we can be assured that the bullish trend is strong. In that case, the bull-run is expected to continue tomorrow as well.
The post OMG Can Surpass Resistance of $6.31 – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
