Symbol - OMUSDT
CMP - 6.8800
OMUSDT demonstrates greater strength compared to the broader market. Following a significant rally, a corrective phase has formed in the shape of a bearish wedge. Subsequently, the price has broken through resistance and is attempting to establish a consolidation above a key support level.
In the context of a generally weak market, OM Coin presents a promising outlook. The technical indicators suggest that there is notable interest in this coin, as the coin is exhibiting resilience and outperforming the market as a whole.
A breakout from the bearish wedge, which is serving as a consolidation pattern within the correction, appears to be underway. Should the bulls manage to sustain the coin's position above the previously breached resistance level and the base of the 6.75 reversal pattern, further growth could be expected in the short to medium term.
Key resistance levels: 7.39, 7.98
Key support levels: 6.75, 6.51
OMUSDT is one of the few assets showing upward momentum while Bitcoin is experiencing a decline. Attention should be given to the aforementioned support levels, as well as the local resistance at 7.05, A breakout above this resistance may trigger a continuation of the upward movement.
CMP - 6.8800
OMUSDT demonstrates greater strength compared to the broader market. Following a significant rally, a corrective phase has formed in the shape of a bearish wedge. Subsequently, the price has broken through resistance and is attempting to establish a consolidation above a key support level.
In the context of a generally weak market, OM Coin presents a promising outlook. The technical indicators suggest that there is notable interest in this coin, as the coin is exhibiting resilience and outperforming the market as a whole.
A breakout from the bearish wedge, which is serving as a consolidation pattern within the correction, appears to be underway. Should the bulls manage to sustain the coin's position above the previously breached resistance level and the base of the 6.75 reversal pattern, further growth could be expected in the short to medium term.
Key resistance levels: 7.39, 7.98
Key support levels: 6.75, 6.51
OMUSDT is one of the few assets showing upward momentum while Bitcoin is experiencing a decline. Attention should be given to the aforementioned support levels, as well as the local resistance at 7.05, A breakout above this resistance may trigger a continuation of the upward movement.
Trade active
CMP 6.7200Long position initiated.
Trade closed: stop reached
Not sustaining above 6.51Long position closed with small SL.
Note
After retesting lower support zone, It's now trying to go up again.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.