- Osmosis (OSMO) coin price hit 10 days high but failed to sustain.
- OSMO price is struggling at the 20 day moving average.
- Vital support and resistance are $0.68 and $1.0.
The Osmosis (OSMO) price found a way to continue remaining recovery after a long hustle. Although amid a weak crypto market scenario, speculators are following only selling rather than buying. OSMO coin looks under swing buyers’ control as crypto price offer buying opportunities on dip.
November’s breakdown brought sharp selling in the market because buyers failed to hold the OSMO price above the 20 day moving average. Later on, OSMO price fell more than 45% so far and hit yearly low at $0.6775. Still sellers expect more downwards momentum if any major decline occurs in Bitcoin price.
The real time price of Osmosis against the USDT is trading at $0.7133 mark. Bears continue selling in price since last night because they found the immediate selling zone at 20 day moving average (white). As of now, crypto price is struggling at the 20 day moving average as well as remaining into the demand zone (gray box).
Several bullish attempts went wrong and flipped into the possibility of a downside trend since November. Afterall market capitalization was reported at $351.5 Million together with a 2.73% overnight drop. At the time, OSMO crypto trades at the lowest level of 52 weeks, if Bitcoin rises ahead then OSMO altcoin will definitely hit the $1.0 mark.
As of now, OSMO price bids underneath the mid band of bollinger band indicator. On daily basis BB indicator has a narrow range, showing low volatility in market. Traders should wait for range breakout or breakdown before making any directional trades.
Trading volume fell 13% overnight, reported at $6.1 million. Following the trend, RSI indicator is stepping back towards the oversold zone.
Conclusion
The Osmosis (OSMO) price may retest monthly low again before any rapid move. For this, the crypto market should be stable or positive otherwise bears may again dominate the OSMO trend. In addition, technical indicators prefer weakness in token.
Support level – $0.68 and $0.60
Resistance level – $1.0 and $1.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas 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/2023/01/06/osmosis-price-prediction-indicates-positive-move-until-1-0-in-january-if-btc-sustain-17k/