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- OmiseGo (OMG) coin is making an ascending triangle on the daily charts
- OmiseGo (OMG) coin needs to sustain the current levels for a bull run
OmiseGo(OMG) price was moving in a sideways channel from the past four months, but it seems as if the coin has found new diagonal support, giving it a head start for breaking out of the channel. The pattern formed by the coin is an ascending triangle. The market cap and 24 hour volume are $466,396,377 and $118,042,835 respectively.
OmiseGo Prices May Conquer A New High Soon!
OmiseGo prices have recently taken off from the $2.92 levels, acting as crucial support for the sideways channel from the past four months. Now that the coin has incline and forms a bullish hammer, it seems that the coin may surge back to test the resistance at $4.45, giving approximate 36% gains. If the coins break this resistance with the help of the ascending triangle pattern it is forming, it might surge further towards $5 level, which is a gain of 50% (LTP $3.2)
The Bollinger bands haven’t indicated any change in volatility yet; instead, they are still contracting. The lower band is at $2.95 while the median and upper bands are $3.58 and $4.21.
The stock RSI shows the divergence between the signal line and slow line, but the signal line is yet to rebound from the oversold territory to signal the bulls to enter.
The RSI is at 49 levels, which has been strong support for the coin. If the RSI levels surge above 55, it will increase the probability of bull run favourably.
The MACD(8,21,5) is flashing sell signal as the signal line appears to cross down from the slow line, but this crossover hasn’t brought any selling pressure yet and hence can be considered as a whipsaw if the coin surges beyond $3.40.
The ADX is at 17.28 levels while the DI+ and DI- are at 22.25 and 21.44; hinting a movement is likely to come. One needs to take a position in either direction only if DI+(for bulls) or DI-(for bears) surges 25 levels, with price levels declining and ADX slime crossing 25 levels.
Conclusion –
OmiseGo coin price has lifted off from $2.9 level and can now begin its trek of climbing $4.45 levels(resistance of the channel) soon. A further can bring the coin to meet $5 levels.
Support: $2.92 (Resistance)
Resistance: $3.87, $4.45 and $$4.97
