From a technical perspective, the overall trend of OMG/USD is bullish. However, the token is still trying to gain sufficient support from the $12.8 mark, which could be a stepping stone to initiate a new rally for the OMG token.
Key technical points:
The OMG token forming a rounding bottom pattern
The Weekly chart RSI show bearish divergence in its chart
The intraday trading volume in the OMG token is $6.6 Billion, indicating a 147.5% hike
Source- OMG/USD chart by Tradingview
The Big picture shows the OMG token forming a Ronufing bottom pattern in the weekly time frame chart. This strong bullish pattern gives a clear image of a downtrend slowly turning into an uptrend.
On October 2nd, the OMG token managed to breach the crucial resistance of $13, indicating the price would continue to an uptrend. However, the token is still stuck in a retest phase and trying to obtain proper support from the broken resistance.
The traditional pivot displays great confluence with the OMG/USD weekly c