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Bearish Undertone: OMG Token Flirts With Fibonacci Support
The ICO token with the highest market capitalization continues to court trader interest in spite of bearish news trends.
Yazan Omkar Godbole
The ICO token with the largest market capitalization continues to hold its own.
At press time Monday, OmiseGo, a token issued in July by online payments startup Omise, was demonstrating traction amongst traders even amidst a bearish news cycle. In recent weeks, South Korea and China have moved to ban ICOs, and though secondary market trading is unaffected, the sector has taken a psychological and reputational hit.
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The OMG/USD exchange rate pushed prices to a low of $8.95 on Friday, but the minor blip was quickly undone. That said, it's unclear how much higher prices may go.
The token repeatedly failed to gain altitude above $10 levels over the weekend, though it did defend the 38.2% Fibonacci support of $9.06. At press time, the token is trading at $9.40; down 3 percent as per CoinMarketCap. The ICO token has shed 5.2 percent week-on-week and 12.80 percent month-on-month.
Still, heading into the afternoon sessions, OMG looks heavy as the technical chart carries a bearish undertone.
The price action analysis suggests the OMG/USD exchange rate could witness a knee-jerk sell-off if the support at $9.06 is breached.
4-hours chart
The chart above shows:
- Rejection at $11 and lower highs formation over the weekend
- Bearish crossover between the 50-MA and 200-DMA. The bearish crossover occurs when the short-term moving average cuts the long-term moving average from above.
- Thus, a break below $9.06 (38.2% Fibonacci retracement) would add credence to the bearish price action and shall open doors for a sell-off to $7.40 (50% Fibonacci retracement) and $6.588 (September 15 low).
- On the higher side, a move above $10.38 would open up upside towards $11.80 levels.
Correction: An earlier version of this article stated that Korea has banned secondary market trading for ICO tokens. This has been corrected.
Tokens in water image via Shutterstock
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