OmiseGO's token sits above $3.40, though technical signals point toward weakness ahead. OMG rose 7.7% over the past day as traders tested a key resistance level. On the hourly chart, a sell signal for
OmiseGO's token sits above $3.40, though technical signals point toward weakness ahead. OMG rose 7.7% over the past day as traders tested a key resistance level. On the hourly chart, a sell signal formed in recent hours as prices fell from $3.51 to $3.31.
Earlier on November 4, OMG hit $2.62 before buyers stepped in and absorbed the selling pressure. Prices moved toward $3.45 over the sessions that followed. Selling returned later. When another sell signal appeared on the hourly timeframe, the price fell to $2.96. The price bounced back above $3.00, yet resistance lingering above that level meant OMG remained vulnerable to further losses.
The TD sequential indicator backed this bearish outlook. A green nine candlestick formed on the hourly chart, suggesting bears could push prices down to the 100-hourly simple moving average near $3.20. If that broke, the next major support was the 200-SMA around $3.06, which had absorbed selling pressure on prior occasions.
On the daily chart, buyers displayed strength, though they needed to close above $3.50 to retain control. The RSI oscillator indicated momentum was shifting toward buyers, but that advantage would vanish if prices fell below the 50-SMA at $3.33. Traders had used this level as resistance since October 25.
If buyers broke through the $3.33 resistance, they could target the 100-SMA near $3.46 and then push toward $4.00. A breakdown would spell short-term trouble for the bulls.
The $3.06 area remained the major support zone. This level had held through selling pressure on November 7. If downward pressure intensified, prices could slide to $2.62 and then to $2.44, matching a low from September 21.
