Will OSMO Succeed in Sustaining Above $2?

OSMO price showed a pullback from the 20-day EMA and will retest the rejection wick spot near $2.50. However, an inside candle is formed, and buyers take a pause below $2, where sellers are trying to defend the $2 mark. Amid the reversal, OSMO price has reached a bullish trajectory and is replicating an uptrend. Buyers are gaining traction and are eyeing the blue sky zone above $3.

OSMO price is trading above the significant moving averages and is expected to reach the immediate swing of $2.50 soon. The technicals are signaling a buy alert, and OSMO price will soon skyrocket if it sustains above $2 decisively.

At press time, OSMOSIS (OSMO) crypto was trading at $1.80 with an intraday gain of 13.42%, showing a bullish bias. Moreover, the trading volume jumped by 15.80% to $83.82 Million, indicating buyers’ accumulation. The pair of OSMO/BTC was noted at 0.0000415 BTC, while the market cap is $1.16 Billion. Analysts have maintained a bullish rating and suggest that the OSMO price will soon surpass the make-or-break zone of $12 in the upcoming sessions.

OSMO on Daily Chart Reflects Pullback

On the daily chart, OSMO price reflects a sharp rise and a pullback from the 20-day EMA in yesterday’s session. However, the OSMO price failed to sustain above the round $2 mark. Instead of follow-on buying action, profit booking was spotted which indicates that sellers are threatened and are protecting the mark decisively.

The relative strength index (RSI) curve stayed in the overbought zone near 70, showing a positive divergence, indicating a golden crossover on the chart. The MACD indicator shows a bullish crossover and formed green bars on the histogram, suggesting that OSMO price will succeed in scratching the prompt hurdle of $2 soon.

Weekly Charts Exhibits Falling Wedge Breakout

On the weekly chart, OSMO price has split the trendline hurdle of $0.600 and recovered over 400% in the past weeks. Furthermore, the OSMO price retained the bullish trajectory and backfired sharply depicting the buyers’ dominance in recent sessions.

Summary

OSMO price recuperated from the bottom and reached the top, directing a trend reversal in the recent sessions. Followed by the crypto market pump, OSMO crypto participated and was among the top gainers, reflecting the investor interest and the demand among its peers.

Technical Levels

Support Levels:  $1.50 and $1.20

Resistance Levels:  $2.10 and $2.50

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.