OMG Network Technical Update: OMG/USD Seeking Higher Support Following A 225% Rally In 7 Days
- OMG Network is among the most improved cryptocurrency assets in the month of August.
- OMG rallies 225% in a week but it is miles away from hitting its all-time high around $29.
OMG Network has become the cryptocurrency of the week following a massive rally that seems unstoppable. In the last 24 hours alone, OMG has increased in value by more than 78% to record a monthly high around $6.6. According to the data provided by CoinMarketCap, the crypto asset has rallied 225% in the last 24 hours.
Before the breakout, the price was stable in a range between $1.00 and $2.00. The lock-step trading in this range was seen to dominate the months of June following a reversal from pa sharp spike to $4.45 and July. Although August commenced trading in the same range, the price action quickly turned ballistic in the second week.
At the time of writing, OMG Network is trading at $6.28. The prevailing price comes after a minor retreat from highs at $6.60. Meanwhile, buyers seem to be building on the bullish momentum and more rapid price actions are expected in the coming sessions, especially the weekend.
OMG/USD 1-hour chart
According to the shorty term technical picture, OMG/USD is poised for takeoff to higher levels. For instance, the Moving Average Convergence Divergence (MACD) is currently hitting highs around 0.45. In addition, there is a bullish divergence above the MACD (0.0059) that reinforced the impact the bulls have on the price. The bullish trend is also illustrated by the Relative Strength Index (RSI). The indicator seems to have embraced support at 70. The continued upward movement hints that OMG is entire in the hands of the bulls.
OMG Network Intraday Levels
Spot rate: $6.21
Relative Change: 0.48
Percentage change: 8.02% on the day.
Trend: Bullish
Volatility: Expanding
Read more: “OMG Is Not Ethereum Killer” Vitalik On Tether’s [USDT] Migration To OMG Network
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
