For a long time we did not forecast the cryptocurrency OMG. Something is not very interesting to us for trading, probably because of the small daily volumes and low liquidity in the glass (order book).
Nevertheless, today we will write some forecasts of the OMG cryptocurrency, and find the critical points of these forecasts. If you do not have enough of this information and you want to engage in crypto trading professionally – join our trade marathon!
The culmination of OMG cryptocurrency purchases and the beginning of the correction
The most important thing to see and pay attention to on the chart is the surge in trading volumes. In the OMG cryptocurrency, it occurs just at the change in the direction of price movement. We have depicted the main such changes on the chart.
On 6 September, we received another critical volume and those who invested in OMG cryptocurrency should be wary.
Also, the daily candle drew a false breakout of the $9.50 level, as in August 2020, and what happened next – you can look at the history of the chart.
Two main forecasts for the OMG cryptocurrency
OMG positive forecast
After the beginning of the correction in the Bitcoin market on 7 September, the OMG price fell to the first critical point of $6.63. After making a minimal correction, buyers were able to organize a pullback and show their presence. However, sellers’ aggression has not ended at the moment. If buyers are able to keep the $6.63 mark and do not allow the local low to be updated, this will be a signal for the first forecast of the OMG cryptocurrency – continued growth with a global target of $24. Though, to do this, you first need to create a consolidation between the levels of $6.63-8.65. If in this consolidation the OMG price bounces more actively from the lower limit of this consolidation, this will serve as a signal for the strength of buyers and a high probability of breaking this consolidation upwards.
OMG negative forecast
Nevertheless, if buyers cannot keep sellers’ pressure by the end of the week, a good point to buy OMG cryptocurrency is at $5. At this point, the OMG price will test the upper consolidation limit, which prevented buyers from starting a new growth wave during the month. A deeper correction in the OMG market will diminish buyers’ growth prospects. But, investors can count on a new local trend with a target of $14.
It is important to understand that after such powerful fall waves in the cryptocurrency market, a sharp upward reversal of the price very rarely begins. Moreover, the growth wave from July 2021 has never been corrected yet. Therefore, the best scenario for OMG cryptocurrency investors is the start of price consolidation in the $6.63 range.