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OmiseGo Price Analysis OMG / USD: Go, But Where?

  1. OmiseGo has a bullish short-term bias, with the cryptocurrency recovering above its 200-period moving average on the four-hour time frame

  2. The OMG / USD pair has a bullish medium-term outlook and is trading back above its 200-day moving average

  3. The daily time frame time shows a large ascending triangle pattern

 

OmiseGo / USD Short-term price analysis

OmiseGo has a bullish short-term bias, with the cryptocurrency recovering back above its 200-period moving average on the four-hour time frame.

The four-hour time frame is showing that a complex head and shoulders pattern is building, with the bearish pattern warning of a much stronger downside move to come.

Technical indicators on the four-hour time frame have turned bullish and continue to issue a buy signal.

OMG H4 Chart June 14, powered by Trading View

Pattern Watch

Traders should note that the downside projection of the bearish head and shoulders pattern would take the OMG / USD pair toward the April 2019 trading low.

Relative Strength Index

The RSI indicator on the four-hour time frame is bullish, although it is approaching overbought conditions.

MACD Indicator

The MACD indicator on the four-hour time frame has turned bullish and continues to issue a buy signal.

 

OmiseGo / USD Medium-term price analysis

OmiseGo has a bullish medium-term trading outlook, with the cryptocurrency holding price well above its 200-day moving average.

The daily time frame is showing that a bullish ascending triangle pattern has formed, with the OMG / USD pair performing a strong technical bounce from key trendline support.

Technical indicators across the daily time frame are attempting to turn bullish.

OMG Daily Chart June 14, powered by Trading View

Pattern Watch

Traders should note that a bullish breakout from the ascending triangle pattern on the daily time frame would take the OMG / USD pair towards the November 15th  trading high.

Relative Strength Index

The RSI indicator has turned bullish on the daily time frame and is starting to generate a buy signal.

MACD Indicator

The MACD indicator is attempting to turn bullish on the daily time frame as medium-term buying pressures build.

 

Conclusion

OmiseGo is attempting to recover bullish momentum across both time frames after eroding its hard-fought early month trading gains.

The four-hour and daily time frames are currently showing contrasting patterns, which further underscores the indecisiveness towards the cryptocurrency, following the strong early month sell-off.

Check out the OmiseGo coin guide.



OmiseGO Chart

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