OMG Network is among the most improved cryptocurrency assets in the month of August.
OMG rallies 225% in a week but it is miles away from hitting its all-time high around $29.
OMG Network has become the cryptocurrency of the week following a massive rally that seems unstoppable. In the last 24 hours alone, OMG has increased in value by more than 78% to record a monthly high around $6.6. According to the data provided by CoinMarketCap, the crypto asset has rallied 225% in the last 24 hours.
Before the breakout, the price was stable in a range between $1.00 and $2.00. The lock-step trading in this range was seen to dominate the months of June following a reversal from pa sharp spike to $4.45 and July. Although August commenced trading in the same range, the price action quickly turned ballistic in the second week.
At the time of writing, OMG Network is trading at $6.28. The prevailing price comes after a minor retreat from highs at $6.60. Meanwhile, buyers seem to be building on the bullish momentum and more rapid price actions are expected in the coming sessions, especially the weekend.
OMG/USD 1-hour chart
According to the shorty term technical picture, OMG/USD is poised for takeoff to higher levels. For instance, the Moving Average Convergence Divergence (MACD) is currently hitting highs around 0.45. In addition, there is a bullish divergence above the MACD (0.0059) that reinforced the impact the bulls have on the price. The bullish trend is also illustrated by the Relative Strength Index (RSI). The indicator seems to have embraced support at 70. The continued upward movement hints that OMG is entire in the hands of the bulls.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com