• OMG is currently trading at $3.08 after a massive 27% price pump within 12 hours.
  • The TD sequential indicator has presented several strong buy signals for OMG.

OMG is down more than 50% since its two-year high at around $7 was established in August 2020. Bulls are finally seeing a bounce for the digital asset and look forward to more price action in the short-term as several indicators are flashing buy signals.

OMG/USD daily chart

omg price

The non-custodial cryptocurrency is clearly trading inside a massive downtrend; however, the TD sequential indicator has presented a strong buy signal at around $3. Additionally, the RSI touched 33, a value not seen since March 2020, indicating a possible strong rebound in the short-term. The MACD remains bearish but is on the verge of a bull cross if buyers can keep up the momentum.

OMG Weighted Social Sentiment Chart

omg price

In its most recent insight report, Santiment, an on-chain analytics platform, gave OMG an average rating of 6.6, which means it’s slightly bullish. One of the metrics used to get this rating was the weighted social sentiment, which determines how people view the digital asset. Looking at the chart, it seems that the negative sentiment on OMG has been slowing down recently, perhaps indicating that investors are speculating whether the bottom is in or not.

OMG IOMAP Chart

omg price

According to the In/Out of the Money Around Price chart by IntoTheBlock, this could very well be the case. The chart shows a massive amount of support at around $3, as many investors bought there. On the other hand, not many bought OMG well until $3.5, which could mean that the price is free to run up to at least that resistance level. Additionally, the 50-SMA almost coincides at the same level. 

OMG/USD 12-hour chart

omg price

Similarly, on the 12-hour chart, the TD sequential indicator has also presented a firm buy signal at $2.6. The RSI here did get overextended at 26, which usually means a strong rebound, especially considering the MACD also turned bullish. The same resistance level at $3.5 can be applied here; however, the 50-SMA is up at $3.75. 

OMG New Addresses

omg price

Although the IOMAP chart above shows significant support at $3 and below, bulls can’t get too confident. The number of new addresses for OMG peaked in August but has been declining since then, a relatively bearish indicator.

Investors need to pay close attention to the current price action of OMG and $3.5 as the next most crucial resistance level. If the price can climb above $3.5, the digital asset could be aiming even for $4. On the other side, the support at $3 is quite important in the short-term. If it breaks, OMG will slip towards the next support area at $2.8. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP