Home Crypto Crypto Market Analysis OmiseGO Bullish Scenario

OmiseGO Bullish Scenario

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OmiseGO (OMG)

Market Cap: $1.65B

Circulating Supply: 102.04M OMG

Max Supply: 0 OMG

Volume (24h) $44.06M

 

OMG/USD is trading in the red on the Daily chart and could resume the corrective phase in the short term. I want to show you a bullish opportunity if the near-term support levels will hold and if it will reject the price.

The crypto is under massive selling pressure on the short term, but a false breakdown below the near-term support levels followed by an important rally will signal that it could increase at least till the 20.0000 psychological level.


 

The rate dropped after the failure to reach the median line (ml) of the ascending pitchfork and after its failure to stabilize above the 50% Fibonacci line of the ascending pitchfork. OMG/USD is pressuring the 38.2% retracement level and could pressure the lower median line (lml) as well very soon.

Personally, I believe that the OmiseGO perspective remains bullish on the short term as long as the rate will stay within the ascending pitchfork’s body. You should know that a valid breakdown below the lower median line will attract more sellers which will send the rate much lower.

It will be very important for the price to make only a false breakdown below the lower median line (lml) and to get back within the ascending pitchfork’s body and above the 38.2% retracement level.

Conclusion

You should stay away for now and wait for a confirmation that the price will increase again after the corrective phase. We’ll have a great buying opportunity if the rate will stay above the lower median line (lml) and only if it will make a valid breakout above the 150% Fibonacci line (descending dotted line).

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