OMNI Token Surges 25% Following 770% Increase in Trading Volume
OMNI Network (#OMNI) Overview
- OMNI's price increased by 25% in 24 hours, reaching $5.35 before settling at $4.83.
- The token's trading volume surged by 770%, providing relief to investors as it remains 83.9% below its all-time high of $29.93.
- OMNI hit a historic low of $1.37 a month ago and has shown signs of recovery.
- Current resistance is near the $5 mark; sustaining above this could lead to further gains up to $6.50.
Market Dynamics
- A breakout from a descending wedge pattern triggered the recent rally.
- Bollinger Bands expansion indicates increased volatility; price is above the 20-day moving average.
- The MACD shows a bullish crossover, while the RSI stands at 67.5, nearing overbought levels.
- The Chaikin Money Flow (CMF) is at -0.20, indicating insufficient capital inflows supporting the rise.
OMNI daily chart with momentum indicators. | Source: TradingView
Support and Resistance Levels
- Sustaining above $5 could see OMNI target $5.44 and potentially $6.30 to $6.50.
- If it falls below $4 to $3.50, support is expected around $2.90.
- A further drop may approach the $2 region, risking a retest of its all-time low.
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