It has now been nearly one year since OMG has reached its all-time high, and in that time span has lost more than 94 percent — an average loss when considering the total losses seen across the cryptocurrency market in 2018.
Similar to the majority of other digital assets on the market, OMG has fallen from the top within the bounds of a descending channel (pink) that is tightening as it moves down. This tapered channel is forcing the top descending trend line closer to the bottom descending support and will most likely cause a sharp move in either direction
OMG is hovering slightly above its 2018 low at the time of writing, and will most likely spend the remainder of 2018 establishing a new support level in the neighborhood between $1.20 and the psychological support at $1.
Traders should be aware that there is not much in the way of supports beneath $1, and further declines could force OMG back to square one at $0.35.
A short-term bounce could make for a positive trade, however, the next lower support level has not been fully tested just yet.
Read the full analysis @ BeInCrypto: beincrypto.com/omise...ing-for-some-relief/
Similar to the majority of other digital assets on the market, OMG has fallen from the top within the bounds of a descending channel (pink) that is tightening as it moves down. This tapered channel is forcing the top descending trend line closer to the bottom descending support and will most likely cause a sharp move in either direction
OMG is hovering slightly above its 2018 low at the time of writing, and will most likely spend the remainder of 2018 establishing a new support level in the neighborhood between $1.20 and the psychological support at $1.
Traders should be aware that there is not much in the way of supports beneath $1, and further declines could force OMG back to square one at $0.35.
A short-term bounce could make for a positive trade, however, the next lower support level has not been fully tested just yet.
Read the full analysis @ BeInCrypto: beincrypto.com/omise...ing-for-some-relief/
Truly Unbiased Cryptocurrency News beincrypto.com