OMG Network Price Analysis: OMG Breaks Above $6.00 While Sustainability Remains Doubtful

• OMG Network performed a positive momentum on Thursday’s trading session
• OMG price is $5.88, which is up by 1.48% in the last 24-hour time-frame and 34.16% up from the previous week
• OMG/BTC pair is positive with a gain of 2.25% in Thursday’s trading session (0.00001275)

OMG had positive momentum on the weekly chart, and it progressed up to $9.43 on August 21, 2020, while breaking over the resistance zones created in the past. OMG price held a record of a 52-week high. Meanwhile, the trading volume of $1,337,565,211 in the last 24-hour time-frame signifies an increase in the value of 39.60%. The OMG/ETH pair is positive with a rate of (0.003319) which is up by 3.49% in Thursday’s trading session.

Vital Partnership With Enya

Enya, the biggest provider of safe multiparty computation services globally, declared a vital partnership with OMG Network, the best value transfer network for ETH and ERC20 tokens. The two organizations will merge Enya’s privacy saving technology with the proven significance by low transaction costs of OMG Plasma to allow next-generation decentralized applications that are fast, affordable, secured, and private.

OMG Network (OMG) Technical Chart Indicates a Positive Trend

The technical chart of OMG Network highlights a positive trend. In contrast, OMG price is at $5.88. According to pivot points, the critical support level for OMG is placed at $5.10. Whereas if it moves up, the key resistance levels to watch are $6.15 and $6.50. While diving into the weekly chart of a 4-hour time-frame, it completes a belt hold bearish candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

Volume indicator with the amount (132.068K) exhibits a selling volume in coin. Investors can further expect an decrease in selling volume in future trading sessions.

SMA-200, price is at $3.88, which acts as another reliable support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

MACD indicator (Bullish), bullish crossover above signal line detected on February 11, 2021, indicated a buy signal in the coin during the trading session. Also, it denotes the green bars on Histogram.

Meanwhile, the RSI indicator (Bullish) with a value of 63.98 indicates a buy signal in the coin, investors can witness an overbought situation in upcoming trading sessions.

Conclusion 

OMG Network price is up by 1.48% on Thursday’s trading session. The price is above the SMA of $3.88. If it sustains above the resistance level of $6.15, Investors may expect the price to progress towards the next resistance level of $6.50 with a few moderate price corrections. All technical indicators recommend a buy signal in the coin.

Resistance: $6.15, $6.50

Support: $5.10

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