Omisego market is down by 25% in the past two weeks of trading

Omisego (OMG) Price Analysis – April 19

Highlights:

 Following a bearish sentiment, Omisego market is down by 25% in the past two weeks of trading. The sellers are still gaining control of the market. If buyers assume control, a bullish continuation is likely to surpass the last monthly high. For now, there’s no sign for a positive move.

OMG-USD Market

Key Levels:

Resistance levels: $2.3, $2.5

Support levels: $1.7, $1.5

Rising from $1.5 low on March 20, Omisego gained a roughly of 67% in two weeks of trading before the bulls lose the momentum to the bears after printing price at $2.5 high on April 5. Following a falling channel, OMGUSD moves at a slow pace as the sellers prepare for a rally to $1.7 support level. The current 4-hours Stochastic RSI revealed a drop; facing the oversold area.

On April 11, the 4-hours RSI reflected a clear sharp drop in the market as trend surge low the 50 level. Since then, the token has remained below the mentioned level. Currently, the market is slightly revealed above the 50 level; showing a buying momentum.

While price lies close to the upper channel, a possible breach could throw price at $2.3 resistance level and above. For now, Omisego follows a bearish sentiment.

OMG-BTC Market

In late March, OMGBTC climbed from a low of 0.000365 BTC before carving a broadening wedge pattern. Last week, Omisego broke out from a wedge formation and has since been trading below the break level of 0.0004 BTC support turned resistance level. 

Evidently, the 4-hours RSI has quickly signaled a potential drop before the breakout occurred; crossing down the 50 level since April opening. Now, the price is playing along with the 50 level. A crossover could retest price at 0.0004 BTC resistance level. A further cross above the mentioned level may resume price action within the wedge range.

Otherwise, a bearish surge may continue to depreciate the value of the token. As revealed on the 4-hours Stochastic RSI, the price could further drop.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.