The impending volatility of the cryptocurrency has impacted its price action and volume over the last few months. Despite positive movement in the first half of 2021, gaining over 680% from a low of $2.2 to a high of $15.93. The strong price movement stumbled with the profit booking scenario pushing the value back to the initial level of $3.
The movement took another positive turn with a full swing towards its 2021 high. Unfortunately, OMG failed to realize the same, as $10 has become a historical rejection level of OMG network on monthly charts. Sustaining above this level for an entire month will indicate that supporting the positivity on this cryptocurrency above.
At present, the OMG network holds the 76th position in its market capitalization, which comes to around $1.22 billion. However, the volatility has eaten up all the gains, and OMG stands at just a 2% gain in the last seven days. Eyes are around the revered plasma-based sidechain solution, which can reduce electricity consumption to 99% compared to Ethereum, which secured its valuation underpinning the Ethereum value.
Omise Go Price Analysis
OMG network has maintained a positive stance as compared to the previous price action witnessed in this cryptocurrency in 2021. The rally from July to September has been nothing short of mesmerizing as OMG turned $3.5 into $12 in less than three months. The severe double-digit profit booking in September so far has hampered the growth potential in this cryptocurrency. However, the prices are much lower when compared to the previous price movement in the first half of 2021.
With the aggressive expansion of its capabilities, OMG can scale to much higher levels, and the same will be reflected in its price action. The last few days have seen a sudden spike in daily volumes, attracting buyers to this counter. The same can be assured from the MACD indicator, which gives mixed indications. There is an excellent scope to retest $15 if OMG sustains a $10 valuation for at least 30 days. On the downside, the support is active with a 200 DMA curve at $6.34.
