- The price started increasing ( currently 4% plus)
- The volume is still at a decrease of 20%. A thing to worry about
- Escaping the falling wedge.
OMG network, formerly known as OmiseGo, is a non-custodial, layer 2 scaling solution built for the Ethereum blockchain. As an ETH scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the ETH network. OMG network believes that ETH’s significant speed and cost barriers will need to be overcome before mainstream business will consider building their products and applications.
The price went below $2 support on 12th of this month, currently trading at $2.57 with an increase of 4.12% in its market capitalization. A strong downtrend with a falling wedge-like projection can be observed over the daily graph, but the token somehow managed to get over the mark of $2. Analysts believe that this dip has attracted bulls.
The token has a volume of 57 million which is at a decrease of 20.17% and a market cap of 359 million with an increase of 4.12%. The volume market cap ratio for OMG is 0.159. The Bitcoin and Ethereum pair with OMG has values of 0.00008453 and 0.001234 with an increase of 2.72% and 1.80% respectively.
The price made a lower low of $2.41 in the last 24 hrs
Short-term analysis
However the short term analisis gives a sideways trend. The technical indicators are indicating a bullish movement as the MACD line made a positive cross over the MACD signal line below the histogram line whereas the histograms are also rising, supporting the indication and the gap between the two lines is also getting broader. The value for exponential moving average is $2.522. While looking at the relative strength index it also gives us the same idea, it just crossed the mark of 50
This dip was a perfect time for the bull to enter the market and so they have done.
An uptrend can be observed over the 45 min time frame.
Conclusion
The bulls are back to support the crashing ecosystem, as we can observe an uptrend over the 45 min time frame which is stress reliever for the whole OMG network
Technical levels
Resistance: $3 and $3.5
Support: $2 and $1.5
Source: https://www.thecoinrepublic.com/2022/05/20/omg-price-analysis-the-omg-bulls-are-helping-to-escape-the-downtrend/