Despite Substantial Rally, OMG Fails to Clear Crucial Resistance

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In Brief
  • OMG is facing long-term resistance and support at $7.30 and $2.70, respectively.

  • The price has found support above the 50-day MA.

  • OMG/BTC has failed to close above the 45,00 satoshi resistance area.

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Despite a rapid rally throughout August, the OmiseGo (OMG) price failed to reach a weekly close above a crucial resistance area. It is not yet clear if the trend is still bullish or if the price has begun a correction. Long-Term Support At the beginning of August, OMG began a rapid upward move that took the price to a high of $9.86 on August 21. However, the price was rejected by the
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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