OMG price’s recent breakdown from an ascending parallel channel seems to have paused around a critical support level. Mounting selling pressure could lead to a further retracement given the lack of significant support underneath this altcoin. Following a 21% correction, OMG Network price seems to have found stable support around $3.30. Regardless, a massive supply barrier ahead could reject the upward price action and lead to further losses. OMG price faces an uphill battle OMG Network price is currently trading at $3.40 after bouncing from the 50% Fibonacci retracement level. Although the recent bullish impulse looks promising, multiple bearish signals threaten a further advance. For instance, the Parabolic SAR indicator shows a prevailing bearish trend that began on January 7. OMG/USDT 1-hour chart Moreover, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows a massive resistance barrier ahead that may keep rising prices at bay. Based on this on-chain metric, about 54,000 addresses had previously purchased 1.1 million OMG around the $3.80 area. Such a massive supply barrier will be challenging for the bulls to breach since holders within this range will likely try to exit their underwatered positions. The increase in selling pressure could reject OMG price and lead to further losses. OMG IOMAP Indeed, a rejection from the $3.80 level seems likely because it coincides with the 78.6% Fibonacci retracement level. If this were to happen, OMG Network price might head towards the 50% Fibonacci retracement level once again at $3.10. It is worth noting that a break of the overhead resistance at $3.80 can be considered extremely bullish for the ERC-20 token. Moving past this supply wall could see OMG price aim for the next considerable interest area around $5. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US Dollar Index turns negative around 89.70 FX Street 1 year OMG price's recent breakdown from an ascending parallel channel seems to have paused around a critical support level. Mounting selling pressure could lead to a further retracement given the lack of significant support underneath this altcoin. Following a 21% correction, OMG Network price seems to have found stable support around $3.30. Regardless, a massive supply barrier ahead could reject the upward price action and lead to further losses. OMG price faces an uphill battle OMG Network price is currently trading at $3.40 after bouncing from the 50% Fibonacci retracement level. Although the recent bullish impulse looks promising, multiple bearish signals threaten a further advance. … Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.