OMG Network (OMG ) Technical Analysis 2021 for Crypto Traders

by Gordon James

In the cryptocurrency market, OMG has been a top performer with a strong upward momentum. This article will provide an overview of OMG’s technical analysis for the year 2021.

OMG Network (OMG) is a cryptocurrency that uses the Proof of Stake consensus algorithm. It was created in 2017 and has experienced rapid growth since then. The OMG network price prediction 2025 is $0.00

We utilize historical data, price analysis, RVOL, MA, and other information about OMG to evaluate the cryptocurrency’s future trend in Technical Analysis of OMG Network (OMG ) for 2021. 

OMG Network (OMG) is a layer-2 scaling solution for the Ethereum blockchain that is non-custodial. The OMG Network was created to allow users to transfer ETH and ERC20 tokens more quicker and cheaply than they could on the Ethereum Network. The OMG Network was created to assist in making Ethereum more appealing to companies and projects.

 Current Market Situation for OMG Network (OMG )

At the time of writing, the OMG price was $3.67, with a 24-hour trading volume of $130,913,576, according to CoinGecko. OMG, on the other hand, has dropped 3.73 percent in the past 24 hours. 

In addition, there are 140,245,398.25 OMG in circulation. OMG trades on Binance, OKEx, CoinTiger, Huobi Global, and Upbit at the moment.

OMG Network (OMG ) Technical Analysis 2021 

On CoinGecko, OMG Network (OMG ) is now ranked 109th. OMG may be pushed to new heights by current improvements and enhancements. Let’s take a closer look at the OMG technical analysis for 2021. The OMG Network (OMG ) daily time frame chart is given below.

Descending Triangle Pattern (OMG/USDT) (Source: Tradingview)

The Descending Triangle Pattern is a breakout pattern that is an inverted counterpart of the ascending triangle. The lower trendline should be horizontal and link almost the same lows as the top trendline. The rising trendline slants downward diagonally. When the price falls, the breakdown occurs, and the downtrend is supported by a lower horizontal trendline. The once-supporting lower trendline has now become opposition.

If the price of the OMG breaks through the barrier level on the daily time frame chart, it will hit the goal of $5.68. Otherwise, the OMG breakout’s price will drop to the $3 support level.

RSI for OMG Network (OMG )

The relative strength index (RSI) of OMG is seen in the chart below. 

The RSI is still at 43.18, as seen in the chart below. This indicates that OMG’s price is neither overbought nor oversold. This implies that a significant price reversal may or may not occur in the following days. As a result, traders must use caution while trading. 

RVOL OMG Network (OMG )

The Relative VolumeOMG is shown in the graph below. RVOL is a trading indicator that shows how current trading volume has changed over time when compared to previous trading volume.

In particular, it was discovered that the RVOL of OMG was weaker in the final week of June. OMG’s RVOL is now below the cutoff line, indicating that it is one of the weaker players in the current trend.

Moving Average of the OMG Network (OMG )

The chart below depicts OMG’s Moving Average (MA). MA aids traders in identifying patterns.

Furthermore, the price of the OMG is bullish in the 50 MA (short-term) and has broken the 200 MA. It will, however, fully shift to a bearish position.

The price of OMG is now trading below the 200 MA line, indicating that we may anticipate further positive movement in the next days.

Price of OMG Network (OMG) in Comparison to Bitcoin

The price comparison between OMG and BTC is shown in the graph below. 

OMG Network (OMG ) Technical Analysis 2021 for Crypto TradersChart comparing the prices of OMG and BTC (Source: TradingView)

The trend of the BTC can be seen on the chart, and OMG is going in lockstep with the trend. This means that when the price of BTC rises or falls, the price of OMG rises or falls as well.

Conclusion

With the continuous improvements and updates inside the OMG platform. In current crypto economy, OMG Network has a bright future ahead of it. OMG, on the other hand, has the potential to soar to new heights.

Furthermore, the optimistic OMG price forecast for 2021 is $5.68. As previously said, it has the potential to reach tremendous heights, with a price target of $6 if investors believe that OMG is a smart investment in 2021.

FAQ

What exactly is OMG?

OMG Network (OMG) is a layer-2 scaling solution for the Ethereum blockchain that is non-custodial. 

Where can you get your hands on OMG?

OMG trades on a number of cryptocurrency exchanges, including Binance, OKEx, CoinTiger, Huobi Global, and Upbit.

Is OMG on the verge of breaking a new record?

With the OMG platform’s continuous improvements and enhancements, it has a good chance of achieving its ATH shortly.

Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.

You’ve been recommended

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Frequently Asked Questions

Is OMG Network a Good Investment 2021?

 

Can you trade Crypto with technical analysis?

I am not able to answer this question.

Can OMG Network reach 100?

OMG Network has not reached 100 yet.

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