OMG Network is a public decentralized blockchain network that facilitates financial inclusion and interoperability. Besides, it scales Ethereum rollups, fast exits, and plasma. It also provides a robust infrastructure for users to develop innovative decentralized apps on the Ethereum blockchain. OMG is the native token of this ecosystem. The following OMG technical analysis will predict the price trends for the next two days: Past Performance On May 18, 2021, OMG opened at $8.48. On May 24, 2021, OMG closed at $6.27. Thus, in the past week, the OMG price has decreased by roughly 26%. In the last 24 hours, OMG has traded between $5.75-$6.54. https://ift.tt/34cTyxh Day-Ahead and Tomorrow Currently, OMG is trading at $5.94. The price has decreased from the day’s opening price of $6.27. Thus, the market seems to be bearish. The MACD and signal lines have just turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish. Hence, the price may fall further. Currently, the RSI indicator is at 46%. It faced rejection at 39% and rose to the current level. However, selling pressures are still higher than buying pressures. High selling activity will push the crypto price further down. However, the OBV indicator has started rising slowly. There is bullish divergence here. In other words, buying volumes are slowly overtaking selling volumes. When we look at all three oscillators together, we can say that the bearish trend is likely to continue for some time. We have to wait and watch if the price starts rising. Also, as of now, it is too early to determine if this price rise is temporary corrective action or a bearish trend reversal. OMG Technical Analysis Currently, the price has fallen below the first Fibonacci pivot point of $6.19. It may soon fall below the first Fibonacci pivot support level point of $5.88. Thereafter, we have to wait and watch if the price starts moving upwards. Presently, the price has tested and fallen below the 38.2% FIB retracement level of $6.05. It may soon fall below the 23.6% FIB retracement level of $5.94, as well. By day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to increase tomorrow as well.
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