Omni Network Price Prediction: OMNI Dives 3% As Bulls Are Poised For A Rally According To Analyst
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
The Omni Network price has plummeted 3% to trade at $13.41 as of 12:55 UTC. Its 24-hour trading volume has skyrocketed 68% to $24 million, showing intense market activity.
The price fall comes as a well-known trader and investor, Whales Crypto-trading, predicts a bounce back from OMNI’s support zone, which may result in a 60% bull rally.
Advertisement
#omni/usdt on the 8-hour timeframe indicates the formation of a descending triangle pattern💁♂️
Price is poised for a bounce from the support zone📈
A bullish move of 60% is expected🎯
👇Crypto Traders-join Telegram👇 https://t.co/caOlZBzS3k
. pic.twitter.com/YkA6C02ORW— Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) June 24, 2024
However, OMNI was among the newly listed tokens in Binance that plummeted from their ATH last week. Based on Layer 2, Omni was down 70% due to low float, market volatility and high FDV.
Performance of Newly Listed Tokens on Binance in 2024
🔻Token Categories:
Diverse sectors: #GameFi #AI #Layer2 & #Layer3,…🔻All tokens down from ATH due to:
▫️Market Volatility: Initial hype and speculation.
▫️Low Float: Limited supply causing price swings.
▫️High FDV:… pic.twitter.com/qj6KmU2Aqy— HC – Capital (@hc_capital) June 21, 2024
OMNI is an Ethereum-native protocol that enables rapid communication between Ethereum rollups.
Omni Network Statistical Data
According to data from Coinmarketcap:
- Omni Network price now – $13.41
- Omni Network market cap – $109.2 million
- Omni Network total supply – 100 million
- Omni Network circulating supply – 1.12 million
- Omni Network ranking – #337
The Omni Network price is trading with a bearish bias on the four-hour timeframe. It records lower highs and lower lows as it consolidates within a bearish technical formation. The price of Omni Network has been on a downtrend after facing resistance at around $18.64, driving the cost down.
The ongoing battle between buyers and sellers has resulted in a bearish channel, as the price is consolidating between $14.42 and $11.64, reinforcing the current downward trend.
OMNI Technical Outlook
Based on the technical outlook, the bears are having their way, as OMNI price is trading below the 50-day and 200-day SMA, with $14.51 and 17.14 acting as the immediate resistance levels, respectively.
On the other hand, the Relative Strength Index (RSI) is recording lower highs, signifying falling momentum. The RSI remains suppressed below the 50 mean level, currently at 40. However, if the bulls exert some pressure and recover the market, the RSI could shoot towards the 70 overbought region, signalling intense buying pressure, hence invalidating the bearish thesis.
Moreover, the Moving Average Convergence Divergence (MACD), whose position is below the signal line (orange band), shows that bearish sentiment abounds in the OMNI market. The MACD line(Blue) is below the signal line(Orange), which suggests that the short-term trend momentum is negative. This indicates the potential for further downward movement in OMNI price.
Omni Network Price Prediction: Will The Bulls Break Above the Consolidation Channel?
The OMNI price attempts to break above the consolidation channel, recording a green candlestick in the four-hour timeframe. However, increased buying pressure could cause the OMNI price to break above the channel, surpassing the resistance levels to around the $20.00 mark.
In a dire case, the token is trading below both the 50-day and 200-day SMAs. If the bears exert some pressure, they could breach the $11.45 support level. In this scenario, the $10.49 could offer a cushion against downward pressure.
Bottom Line
Investors and traders must closely watch market signals and trading volumes to gauge the platform’s future performance. At the time of writing, the OMNI bulls showed some resilience, trying to recover the market, recording a green candlestick in a four-hour timeframe.
However, conducting in-depth research before entering the market is crucial.
The OMNI tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade OMNI tokens is Gate.io, where the most traded pair, OMNI/USDT, has a trading volume of $275,344 in the last 24 hours.
Read More
Advertisement
