- 1
OSMO price is currently trading at $0.856, recording a significant change of 26% in the 24-hour trading volume. - 2
A decline of 0.69% in the last 24 hours has been observed. - 3
The price of OSMO might see a slight decline in the near future.
OSMO price movement has been extremely volatile in the past couple of months. Around late January, a bull trap was observed in the OSMO price chart when the price made a wick of twice the price’s value. However, in comparison, the volume stick was smaller. Recently, price has been trading within a sidewise range while contently respecting the $0.7000 price point.
After taking support from the $0.7000, the price has been making constant efforts to make a breakout and retain its previous value. To achieve this, OSOM’s price will require significant buyer support. The MAs and EMA’s are also presenting a major barrier for the bulls. However, the buyers are preventing the price from falling further by constantly pushing it up from the support zone.
OSMO Price is Taking a Reversal From the Demand Zone
The market sentiments at present are trading around the greed zone in the market sentiment index. There has been an increase of 7 points since last week when it was around 62 points. The current value of the greed and fear index is around 69 points according to the Alternative(dot)me.
The price of OSMO is recording a slight increase in the seller pressure within a short period of time.
Technical Analysis of the OSMO Price
The price of OSMO is trading around its recent resistance level which is around $0.9000. If OSMO price takes resistance from this level, it can see a decline of more than 10% in the near future. Its major resistance level is at $1.1000. The current support point for the price of OSMO is near $0.7600 and its major support is at $1.7000.
The RSI line is giving negative signals by making a slight bearish curve above the median line. The value of the RSI line trading at overbought levels present is 58.63 points, while the 14 SMA is providing support to the RSI line at 47.78 points.
Conclusion
According to the analysis, the OSMO price is in a sideways range. It could make a bull trend in the long term but its short-term trend is bearish. Oscillators are trading in the overbought levels and the downward curve of RSI is suggesting a reversal from current levels.
Technical levels –
Support -$0.06000 and $0.07000
Resistance – $1.0000 and 0.9000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/17/osmo-price-analysis-formidable-seller-presence/