OMG Technical Analysis: Bulls Disoriented As Prices Fall Under $2

Key technical points:

Past Performance of OMG

OMG prices continue to fall under the influence of a highly bearish resistance trendline after falling under all the crucial EMAs. The supply dump over the last weekend influenced the bearish breakout of the consolidation range between $2.30 and $2.80. The fallout rally cracks under $2 but shows lower price rejection at $1.75 leading to the retest rally.

Source- Tradingview

OMG Technical Analysis

The retest rally takes a bearish turnaround from the $2 mark representing a successful retest and restarting the prevailing downtrend. Hence, traders can expect the downtrend to reach the next support at $1.30, if the prices crack under $1.50. The daily-RSI slope displays an upward trend from the oversold zone but is pushed back as the retest restarts the prevailing downtrend.

The MACD indicator displays the fast and slow lines maintaining a negative trend after last weekend's bearish crossover. Moreover, the increase in the magnitude of negative histograms suggests an increase in underlying bearishness. The indicators display a rise in selling pressure which adds points to the post-retest reversal theory. In a nutshell, the OMG technical analysis suggests the buyers to wait for a dip at $1.35 as it will provide a cheaper entry spot.

Upcoming Trend

OMG prices will likely hit the next price action support level at $1.35 if the downtrend continues to gain momentum. However, the $1.50 remains a crucial psychological mark that may halt the falling trend.

Resistance Levels: $2 and $2.30

Support Levels: $1.50 and $1.30