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  • OMG Network price remains relatively stable in comparison to Bitcoin and the market.
  • The digital asset is bounded inside a tightening range and awaits a clear breakout or breakdown.

Considering that Bitcoin has just established a new all-time high above $23,000 it’s surprising to see OMG Network not reacting at all. The digital asset continues trading inside a parallel channel on the daily chart right in the middle of the pattern.

OMG Network price is inside a no-trade zone

OMG Network has established a parallel channel on the daily chart and has been trading sideways since September 15. The Bollinger Bands are squeezing again after an attempt to breakout on November 25.

omg price

OMG/USD daily chart

Considering the recent Bitcoin price breakout above $20,000, it’s safe to say that bulls should have the upper hand. The next resistance level is the middle of the Bollinger Bands at $3.5. However, bulls need to crack the upper trendline resistance at $4.4 to see a move towards $6.2.

omg price


However, the In/Out of the Money Around Price (IOMAP) chart shows steep resistance ahead between $3.36 and $3.46 and another notable resistance area located between $3.56 and $3.65. On the way down, the support seems to be far weaker in comparison. A breakdown below $3.27 can quickly push OMG Network price towards the lower trendline of the parallel channel at $2.56.