OSMO Price On The Verge Of Breakout

Osmosis is a dex for Cosmos which provides various assets to trade. It also offers to trade Non-IBC assets bridged from Ethereum and Polkadot Ecosystem. Osmosis Price was originally based on the Balancer protocol but is now moving towards concentrated liquidity. Their aim is to build a cross-chain native DEX which connects every asset on the chain through IBC. 

Osmosis blockchain protocol has three key strengths which are customizable liquidity pools, AMMs as serviced infrastructure, and coordination between the stakeholders.  The OSMOSIS was founded by two core members of Cosmos named Sunny and Dev. The blockchain uses a Proof of Stake mechanism to verify the transactions. 

It has a TVL of $147 Million which has declined in the past few months.OSMO has an inflation rate of 34.17% with an APR of 19.53% as per mintscan.io. Osmosis has seen strong adoption since its inception and can see a new high in the future.

OSMO has a market cap of $287 Million and is ranked 107th in the CMC. The volume of asset prices has observed a slight decline in the intraday session. The V/M ratio of OSMO suggests a consolidated trend in price.

Will OSMO Observe A Rally To $1?

 OSMO Observe A Rally
Source – TradingView

Osmosis is currently observing a weak consolidated trend in price on the weekly chart. On the daily chart, it has been observed as a downside parallel channel. It is trading near the value of  $0.6 with a slight increase in the intraday session. The upside momentum of OSMO can observe a halt near the value of $0.7. 

The support of the asset Osmosis Price can be seen near $0.5. Osmosis is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the price down. The RSI of OSMO is near 25 suggesting its presence in the oversold zone. There is a strong downside slope in it hinting toward a bearish momentum.

Summary

Osmosis has observed a decline in TVL in the past few months. OSMO price is currently on a downward trend but can see a new high in the future.

Technical Levels

Major Support:$0.5

Major Resistance:$0.7

Nancy J. Allen
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Source: https://www.thecoinrepublic.com/2023/05/25/osmosis-price-prediction-osmo-price-on-the-verge-of-breakout/