OMG Network Price Analysis: Ascending Channel in Progress
OMG Network (OMG) has been moving in an ascending channel from the low of $3.04, indicating a strong underlying uptrend and clear support and resistance zones for trading. As long as the ascending channel remains intact there is a big chance for the bulls to try to challenge the previous swing high of $15.50
Ascending Channel Pattern
In technical analysis, the best way to take advantage of the rising channel is to buy when prices test the lower ascending support trendline. Currently, the rising support trendline aligns perfectly with another key support level – the $8.0 support level.
On the upside, the closest resistance level aligns with the previous swing high of $11.33.
Moreover, inside the ascending channel we have positive momentum built up, which adds extra strength to the bullish case scenario. The momentum readings on the RSI oscillator have been sustained above the mid-level 50 since the beginning of the ascending channel.
200-Day Moving Average
OMG price is also trading above its 200-day moving average, which is a positive sign for the development of the uptrend. However, the most important factor remains the fact that we have a big price gap between the 200-day MA and the current price.
Right now, the 200-day moving average stands at $6.38, while the current price is near the big round number $10.
Ascending Channel Pattern
In technical analysis, the best way to take advantage of the rising channel is to buy when prices test the lower ascending support trendline. Currently, the rising support trendline aligns perfectly with another key support level – the $8.0 support level.
On the upside, the closest resistance level aligns with the previous swing high of $11.33.
Moreover, inside the ascending channel we have positive momentum built up, which adds extra strength to the bullish case scenario. The momentum readings on the RSI oscillator have been sustained above the mid-level 50 since the beginning of the ascending channel.
200-Day Moving Average
OMG price is also trading above its 200-day moving average, which is a positive sign for the development of the uptrend. However, the most important factor remains the fact that we have a big price gap between the 200-day MA and the current price.
Right now, the 200-day moving average stands at $6.38, while the current price is near the big round number $10.
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