OMG/USD - Increase Of Over 63% Seen But Is It Over?

20 באוג׳ 2020

From Tuesday's low, we have seen an increase of over 63% for the price of OmiseGo. The price moved to the upside in a parabolic manner but has now started showing signs that the impulse wave might have ended with the price interacting with the upper level of its current ascending channel. The wave structure implies that we have seen the completion of the 5th wave of the Minute count and with it the 5th wave of the higher degree count. This is why now we are likely to see another ABC correction at least to the lower levels of the ascending channel or with a slight breakout to the upside.

As the price is currently hovering around the $4 mark a breakout below this psychological resistance could lead for a more significant decline even below the $3 mark but if it manages to hold above the $3.27 cluster further upside would still be in play.