Indicators Point to Bear Rally in OMG Market; Support May be Tested
- OMG is seeing bearish momentum as bulls succumb to resistance.
- Indicators urge traders to put a stop loss order to limit possible losses.
- OMG has found support at $1.88 and resistance at $2.34 in the past 24 hours.
Bullish momentum in the OMG Network (OMG) faded when bulls failed to break through resistance at the intraday high of $2.34. Due to this failure, bears took control of the market and managed to drive the OMG price down to a 24-hour low of $1.88, which was the value as of press time, marking a 12.62% drop.
The drop in the price of OMG might be linked to profit-taking by short-term traders who capitalized on the positive trend earlier in the day. As a result, the market capitalization and 24-hour trading volume fell by 13.41% and 65.41%, to $264,409,223 and $373,031,756, respectively.
If the bearish trend continues, the $1.88 support level may be broken, and the following support levels may be located at $1.80 and $1.75, resulting in more selling pressure in the market.
But, if bulls regain market control and the $2.34 resistance level is broken, the price may go towards the subsequent resistance levels at $2.50 and $2.70, attracting additional…
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