Large OMG Transactions by IntoTheBlock As whales seemingly aim to gain back control of OMG’s cost action, no supply barrier may be able to avoid this cryptocurrency from attaining its upside potential. No Significant Resistance Ahead Based upon IntoTheBlock’s In/Out of the Money Around Price (IOMAP )design, only two considerable interest areas ahead of OMG might have the capability to keep increasing costs at bay momentarily.
One of those barriers sits in between $5.40 and $7.90, where approximately 19,000 addresses hold almost 7 million tokens. The 2nd and most essential resistance wall lies between $10.40 and $12.70, where more than 80,000 addresses had previously purchased 6.30 million OMG.
Holders who have been underwater for an extended period might try to recover cost on their positions, taking in some of the purchasing pressure behind OMG. But if rates can slice through these difficulties, OMG would likely retest previous all-time highs.
< img loading="lazy" class="wp-image-79311 size-full" src="https://cryptobriefing.com/wp-content/uploads/2021/02/Screenshot-2021-02-04-at-10.50.58.png" alt="OMG In/Out of the Money Around Price by IntoTheBlock
” width=”2108″ height=”726″ srcset=”https://cryptobriefing.com/wp-content/uploads/2021/02/Screenshot-2021-02-04-at-10.50.58.png 2108w, https://cryptobriefing.com/wp-content/uploads/2021/02/Screenshot-2021-02-04-at-10.50.58-868×299.png 868w, https://cryptobriefing.com/wp-content/uploads/2021/02/Screenshot-2021-02-04-at-10.50.58-1024×353.png 1024w, https://cryptobriefing.com/wp-content/uploads/2021/02/Screenshot-2021-02-04-at-10.50.58-768×265.png 768w, https://cryptobriefing.com/wp-content/uploads/2021/02/Screenshot-2021-02-04-at-10.50.58-1536×529.png 1536w, https://cryptobriefing.com/wp-content/uploads/2021/02/Screenshot-2021-02-04-at-10.50.58-2048×705.png 2048w” sizes =” (max-width: 2108px) 100vw, 2108px” > OMG In/Out of the Money Around Price by IntoTheBlock On the other hand, IOMAP associates show that OMG Network sits on top of steady support. Over 84,000 addresses purchased roughly 51 million tokens in between $3.35 and $4.30. Such a massive need zone recommends that bears will struggle to push costs down.
As long as OMG can hold above a typical price of $3.75, the chances for a new bull rally look incredibly appealing.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.