Analysis on OmiseGO $OMG: Taking a breather!
After rising from $0.50 to $14 in one and a half months, OMG is taking a breather. In the last few weeks, the price has gone sideways relatives to what happened in August, which shouldn't be a surprise for a coin that has risen over 1,600% in 2 months. It may be a case that traders are taking some profits.
The price is nearing its $8.30 support. If that falls, $7.60 will be the next support to be tested. Previously, a lot of buying happens when the price reaches this level so I do expect a bounce if it drops to $7.60. The MACD is signalling more downward pressure as it failed a bullish cross a few days ago (Where the blue line failed to cross over the orange line)
Don't be too alarmed if you are a long-term investor, consolidation is an important process before the price can go higher. Fundamentally, nothing has changed and OmiseGO has huge potential.
Thanks for your analysis. So many people on steemmit try to profit off of others' hard work by linking videos without context in mass, so I salute when you do your own work and hope more people appreciate it.
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