OMG Network (OMG ) Technical Analysis 2021 for Crypto Traders

OMG Network (OMG ) Technical Analysis 2021 for Crypto Traders

In OMG Network (OMG ) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about OMG  to analyze the future trend of the cryptocurrency. 

OMG Network (OMG) is a non-custodial, layer-2 scaling built for the Ethereum blockchain. OMG Network is developed to enable users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum Network. OMG Network is built to help make Ethereum more attractive to businesses and projects.

 OMG Network (OMG ) Current Market Status

According to CoinGecko, the OMG  price is trading at $3.67 with a 24-hour trading volume of $130,913,576, at the time of writing. However, OMG  has decreased by 3.73% in the last 24 hours. 

In addition, OMG  has a circulating supply of 140,245,398.25 OMG. Currently, OMG  trades in Binance, OKEx, CoinTiger, Huobi Global, and Upbit.

OMG Network (OMG ) Technical Analysis 2021 

OMG Network (OMG ) holds the 109th position on CoinGecko right now. The recent development and upgrades might push OMG  to reach new heights. Now, let’s deep dive into the OMG  technical analysis 2021. The daily time frame chart of OMG Network (OMG ) is shown below.

OMG /USDT Descending Triangle Pattern (Source: Tradingview)

Descending Triangle Pattern, an inverted version of the ascending triangle and is considered a breakout pattern. The bottom trendline should be horizontal and connect almost the same lows. The upward trendline decreases diagonally upward. The breakdown occurs when the price falls, and when the downtrend continues, it supported by a lower horizontal trendline. The lower trendline that was once supported now becomes resistance.

In the daily time frame chart,  if the price of the OMG breaks the resistance level, it will reach the target of $5.68. Or else, the price of the OMG breakout will fall to the support level at $3.

OMG Network (OMG ) RSI

The below chart shows the relative strength index (RSI) of OMG. 

OMG  RSI (Source: TradingView)

As shown in the below chart, RSI remains at 43.18. This shows that OMG’s price is in neither an overbought nor an oversold state. However, this means a major price reversal may or may not occur in the upcoming days. So, traders need to trade carefully. 

OMG Network (OMG ) RVOL

The below chart shows the Relative VolumeOMG. RVOL is an indicator that represents to traders how the current trading volume has changed over a period of time compared to the past trading volume.

OMG  RVOL(Source: TradingView)

Notably, in the last week of June, it found that the RVOL of OMG observed, weaker. Currently, the RVOL of OMG remains below the cutoff line which represents the weaker participants in the current trend.

OMG Network (OMG ) Moving Average

OMG ’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

OMG  MA (Source: TradingView)

Furthermore, in the 50 MA (Short-term), the price of the OMG is in a bullish state, and it has broken the 200 MA. However, it will completely go to a bearish state.

Currently, the price of OMG is trading below the 200 MA level so we can expect more bullish in the upcoming days.

OMG Network (OMG ) Price Comparison With Bitcoin

The below chart shows the price comparison between OMG  and BTC. 

OMG  vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and OMG  is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of OMG  also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the OMG  platform. OMG Network has a great future ahead in this crypto market. However, OMG  can reach new heights.

More so, bullish OMG  price prediction 2021 is $5.68. As mentioned above, it may reach great heights, however reaching $6, if investors have decided that OMG  is a good investment in 2021.

FAQ

What is OMG ?

OMG Network (OMG) is a non-custodial, layer-2 scaling built for the Ethereum blockchain. 

Where can you purchase OMG ?

OMG  is listed on many cryptocurrency exchanges that include OMG  trades in Binance, OKEx, CoinTiger, Huobi Global, and Upbit.

Will OMG  reach a new ATH soon?

With the ongoing developments and upgrades within the OMG  platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Recommended for You

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.