OM’s performance has been impressive over the past 24 hours following a quick jump to $1. This came after establishing support at $0.85 during last week’s drop as it formed a double-bottom pattern on the 4h chart.
Following a month’s drop from a high of $1.4 in July, OM provided a big discount to a low of $0.83 – a fair value gap area that was left untested when the market resurged earlier that month. Bouncing off this low in August, it rejected the key $1 level and rolled back.
That led to a week loss but the price stayed well above that low. However, things have turned out positive this week due to a sudden rise in the buying volume and is now looking strong on the daily chart.
It currently appears set for a rally following a double-bottom formation on the 4-hour chart. The bullish formation has significantly paused today due to weakness in buying. While the bears are also trying to defend the above key level, we can expect a surge when the bulls resume pressure.
In terms of gain, OM remains one of the top-performing altcoins in the Real-World Asset zone with a yearly mind-blowing return. It still looks promising for a long-term holder as it continues to reaccumulate daily.
OM’s Key Levels to Watch
In anticipation, the immediate resistance level to watch for an upsurge is $1.1. It is followed by the $1.256 and $1.41 resistance levels before reaching a new milestone.
The $0.85 and $0.825 levels are now considered key holding support areas on the daily chart. A breakdown from this area could dip the price to $0.7 and potentially $0.6.
Key Resistance Levels: $1.1, $1.256, $1.41
Key Support Levels: $0.825, $0.7, $0.6
- Spot Price: $0.995
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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