Nexo

Join the hunt for $12,000,000+ in NEXO Tokens!

Learn More

OmiseGo Price Analysis OMG / USD: Nomura To The Rescue

The Nomura investment also revitalized the token.

OMG price analysis July 25th

Share this article

  • OmiseGo has a bearish short-term, with the cryptocurrency still trading below its 200-period moving average on the four-hour time frame
  • The four-hour time frame shows that the OMG / USD pair is trapped within a triangle pattern
  • The daily time frame time highlights that bears have invalidated a large bullish pattern

Fundamental Analysis

OMG has gained bullish momentum after its parent company announced an investment from Nomura Holdings, a Japanese investment group. The investment should support ongoing development for OmiseGo and other platforms under the company’s wing. 


OmiseGo / USD Short-term price analysis

OmiseGo has a bearish short-term bias, with the cryptocurrency trapped below its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that the OMG / USD pair is trapped within a neutral triangle pattern, with bulls pressing against key trendline resistance.

Technical indicators on the four-hour time frame are bullish and continue to issue buy signals.

OMG H4 Chart July 25 by Trading View
OMG / USD H4 Chart by TradingView

                                                                                

Pattern Watch

Traders should note that a test of the OMG / USD pair’s 200-period moving average seems likely if a bullish triangle breakout occurs.

Relative Strength Index

The RSI indicator on the four-hour time frame is bullish and shows scope for further upside.                                                                                       

MACD Indicator

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


OmiseGo / USD Medium-term price analysis

OmiseGo has a neutral medium-term trading outlook, with the cryptocurrency testing towards its key 200-day moving average.

The daily time frame is showing that OMG / USD bears have successfully invalidated a bullish inverted head and shoulders pattern. The mentioned time frame also highlights that price is trapped within a triangle pattern.

Technical indicators across the daily time frame are bearish and continue to issue sell signals.

OMG Daily Chart July 25 by Trading View
OMG / USD Daily Chart by TradingView

Pattern Watch

Traders should note that the invalidation of the bullish pattern on the daily time frame is a significant technical development.

Relative Strength Index

The RSI indicator is also bearish on the daily time frame and shows scope for further downside.

MACD Indicator

The MACD indicator is bearish on the daily time frame, although it is extremely oversold.


Conclusion

OmiseGo may test back towards its 200-period moving average on the four-hour time frame if bulls can breakout from the neutral triangle patterns across both time frames.

The medium-term outlook for OMG / USD pair is weakening after the bullish inverted head and shoulders pattern on the daily time frame was successfully invalidated.

Check out the OmiseGo coin guide.

Share this article

Loading...