OMG Network Price Analysis: If OMG Coin Slips Below $6.0, Downfall of 10% Can be Noticed

Source: OMG/USDT on TradingView

The daily technical chart and price action of OMG coin display an upward trend. According to the pivot levels, the primary support level is $5.30. On the other side, if it rushes up, the resistance level to follow is $7. Although the chart forms a bearish harami candlestick pattern within the day, it is predicted that the price may remain upwards with medium reliability.

The Zig-Zag framed a top of $15.35 on May 07. After that, investors can notice a massive correction of 80%, all the way low to $2.89. Now price levels are sustaining around $6 this week. 

The volume of (1.732M) is below the MA of 20-days (7.426M). As a result, the volume is low, causing its price to struggle around the resistance zone. Investors may also mark that the volume bars on the chart are inclining, which intimates that notable volatility is expected in the upcoming trading session. 

The RSI indicator gave a (bearish) signal with 61.10, projecting a sell signal in the coin. Investors may observe a declining slope from 75 to 61. It may plunge towards negative territory in future trading sessions.

OMG Coin Oscillators Signal Bearish Move

OMG Network’s price today is $6.44, and the 24-hour trading volume is $293,644,457. The price of OMG has increased by 7.9% in the past 24 hours. There are 140 million OMG coins in circulation, with a total of 140 million. The RSI indicator shows a sell signal, and the traders have guided low volume. Technically, the price sustains at the resistance zone and remains in an upward trend. Therefore, as with overall market sentiment, the trend remains bearish.

Resistance Level: $7.0

Support Level: $5.30

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