OmiseGo continues to reject the uptrend trendline, with the most recent touch occurred just yesterday, when it hit $9.2. This is also an 88.6% Fibonacci retracement level of the previous wave up.
If price stays above that support, trend reversal could take place. An it is very interesting that the nearest strong resistance is seen only at $88 area, which is almost x10 growth potential. Resistance is confirmed by two Fibs, first applied through the all-time high, and second applied through the current corrective wave down after the downtrend trendline breakout.
Nevertheless, the downside risk remains and will only become valid if OMG/USD will close below $7.1 low, established back in February. Only, in that case, the downtrend might continue.
If price stays above that support, trend reversal could take place. An it is very interesting that the nearest strong resistance is seen only at $88 area, which is almost x10 growth potential. Resistance is confirmed by two Fibs, first applied through the all-time high, and second applied through the current corrective wave down after the downtrend trendline breakout.
Nevertheless, the downside risk remains and will only become valid if OMG/USD will close below $7.1 low, established back in February. Only, in that case, the downtrend might continue.