OMG Network Price Outlook: Surging 10% – Key Factors Behind the Rising Attention

OMG (OmiseGO) Price Surges 10% in Breakout

The price of OMG (OmiseGO) experienced a significant breakout during the New York session, with a 10% surge to an intra-day high of $0.542. Although it has since retraced to its current price of $0.495, this breakout is notable considering the altcoin’s recent performance.

OMG Reawakening After a Period of Decline

An analysis by SatochiTrader describes OMG as the “bank of crypto.” The token experienced a steep downtrend after reaching a high of $18,000, but it has shown signs of recovery since mid-September. The recovery is more pronounced on lower timeframes, and there is speculation that OMG could reach the psychological level of $1,000.

Rise in Trading Volume and Market Capitalization

Data from CoinMarketCap shows a significant increase in trading volume for OMG, with a rise of over 515% in just 24 hours. This surge has also led to a 12% increase in market capitalization. SatochiTrader suggests that this increase in trading volume could indicate the beginning of a new bullish trend.

OMG Price Forecast and Potential Breakout

The current price of OMG is $0.495, and there is potential for further gains. The recent surge allowed OMG to break through the resistance presented by the 50-day Exponential Moving Average (EMA) at $0.484. However, it remains to be seen whether the price can sustain above the descending trendline at $0.509.

Potential Bullish Breakout and Resistance Levels

In a highly bullish scenario, OMG could enter the supply zone, which is heavily populated by sellers. A decisive break and close above the mean threshold (MT) of this order block, which coincides with the 100-day EMA at $0.570, would confirm this bullish breakout. Such a move could lead to a climb above the psychological level of $0.600.

RSI and AO Support the Upside

The Relative Strength Index (RSI) currently sits at 61, indicating that there is still room for upside momentum. The green shade of the Awesome Oscillator (AO) histogram bars also suggests that there is a high likelihood of continuation in the upward trend.

Potential Downtrend and Support Levels

If the supply zone acts as a strong resistance level, OMG’s price could pull back further and potentially break below the 50-day EMA at $0.485. This would invalidate the bullish thesis and could send OMG below the $0.416 support floor.

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BTCMTX Presale and Staking Function

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