- OMG/USD had a significant bounce from the low of $3.29 but it’s already facing resistance from the 26-EMA.
- The daily chart doesn’t look good for OMG as there are very few support levels on the way down.
OMG price is currently trading at $4.11 after a notable bounce from the low of $3.29. Before the overall market crash, OMG managed to peak at $9.82 after a massive 600% bull rally in only 20 days.
OMG/USD daily chart
Even at the current price, OMG is still up 1,271% from the 2020-low at $0.3 formed on March 12. Unfortunately, bulls have lost the daily 12-EMA and the 26-EMA which are now looking for a bear cross. The RSI was extremely overextended and has now cooled off at 50 points.
The overall picture is not bad, however, there aren’t many support levels on the way to $1.37. Bulls will find a notable support point at $2.46, formed on August 18 as well as the daily 100-EMA and the 200-EMA.
OMG/USD 4-hour chart
Looking at the shorter time frame, OMG has bounced off the 200-MA with the help of an overextended RSI and it’s now facing some resistance at the 26-EMA ($4.3) and the 100-EMA at $4.5
Unfortunately, the 50-MA and the 100-MA have crossed bearishly and will act as a strong resistance point. Usually, assets will bounce back up and get rejected from the MAs before the next leg down.
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