OmiseGo gains 35% in one week and aims the $1 position as it is expecting a launch on Coinbase Pro. Let’s read more about the OMG price analysis in the coming altcoin news below.
OmiseGo remains among the best-performing assets this week after the massive surge of 35% in only a few days. The bulls regained control of the market after a week of a downward correction. OMG touched the $1 price point but the price is still facing a crucial resistance level correction. The key resistance levels are now at $1.14, $1.372 while the key support levels are standing at $0.945 and the $0.81 level.
The latest price surge in the OmiseGo price was characterized by a strong bullish candle after the massive 38% increase over the past five days of trading. The price dropped to $0.96 slightly at the time of writing and from a fundamental perspective, the major reason for the surge can be traced to the fact that CoinbasePro will add the cryptocurrency for trading on May 18th. Yesterday’s breakout is setting a fresh bullish tone for OmiseGo as it can be seen on the daily charts. Looking at the price from a technical perspective, the latest price increase was triggered by a nice rejection of $0.6 level and found a short rebound level at the orange rising trend line. This suggests that more gains can be expected if OmiseGo keeps surging.
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With the latest OmiseGo gains, the price is facing the $1.14 resistance after opening below the March high. If the price continues to increase in the upcoming days, the OMG/USD pair will revisit the $1.372 support which was flagged in February. A major break above the current 2020 high of $1.5 will confirm the mid-term bullish trend. OMG is relying on the daily support of $0.945 but the price could slip to a key psychological level at $0.9 in case of a drop. The major pullback level to watch out for is the grey support level of $0.81 where the breakout happened a few hours ago.
Most of the altcoins are crashing to a new low against Bitcoin so OMG seems as strong as it continues increasing over the past week. The price could reach a daily high of 1100 SAT with a 3.6% growth in a day. After dropping below the 7500 SAT on May 6, OMG found a new low around 7000 SAT and regained the strength back above the 8000 SAT level.
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The price is changing hands around 10600 SAT and even more, bullish action can be expected in the next few days.
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