OMG Network Technical Update: OMG/USD Seeking Higher Support Following A 225% Rally In 7 Days

By John Isige
August 21, 2020 Updated August 21, 2020
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  • 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

OMG/USD price chart
OMG/USD price chart by Tradingview

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

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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